Trading begins in GSK shares

KARACHI: Trading in the shares of GlaxoSmithkline Consumer Healthcare Pakistan Limited commenced at the Pakistan Stock Exchange (PSX) on Wednesday, as the CEO of the company Sohail Matin rang the traditional gong.

Speaking on the occasion, Matin said separating consumer healthcare business from the pharmaceutical business was a global initiative of GSK. “Urban population is increasing in Pakistan due to which the demand for consumer goods is rising and it all bodes well for the company’s business,” he added.

GSK Pakistan separated its consumer healthcare business into a new entity, GSK CH Pakistan in April 2016. The purpose of carving out its consumer healthcare division is to manage its core business with greater focus. 

Shareholders of GSK Pakistan were issued three shares of GSK CH Pakistan for every 10 shares held by them, as per the scheme. Now, both GSK Pakistan and GSK CH Pakistan are being traded separately. The share was listed at a price of Rs61.98 and it hit the upper lock on the first day of trading.