GlaxoSmithKline (GSK) PLC has announced that it would divest Horlicks and other nutritional healthcare brands to Unilever PLC while also merging GSK Consumer Healthcare Limited to Hindustan Unilever Limited (HUL).
The divesture has been done for a total consideration value of approximately £3.1 billion while the net proceeds are estimated to be approximately £2.4 billion, GSK said in a press release.
GSK also noted that the proceeds obtained via this move would be used to enahance the Group’s strategic priorities while also reducing debt.
The release further said that GSK intends to sell down its holding in HUL following this transaction which is expected to be completed by the end of 2019.
Furthermore, it is expected that GSK would sell its 82 percent stake in GSK Bangladesh (Ltd.) and other related brand rights to Unilever, for which it is expected to receive cash proceeds equivalent to £566 million.
The Judicial Service Commission (JSC) has interdicted Colombo Fort Magistrate Kosala Senadheera.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
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