GSK's EGM on pharma unit closure Oct 14

FE Report
An extraordinary general meeting (EGM) of GlaxoSmithKline (GSK) will be held on October 14 to consider and approve a proposal to close down the company's pharmaceuticals unit.
The venue of the EGM will be notified later, according to a disclosure posted on the Dhaka Stock Exchange (DSE) website on Wednesday.
The record date for EGM is on September 19, 2018.
Recently, GlaxoSmithKline, one of the world's leading research-based pharmaceutical and healthcare companies, decided to close its medicine manufacturing unit in Bangladesh after over six decades of operations.
The board of directors of the multinational company is expecting to complete the process by the end of this year.
GSK, however, will continue with its consumer healthcare unit that produces Horlicks, Sensodyne and Glaxose-D in Bangladesh as the company makes a healthy profit from this segment.
The company has further informed that changes in the pharmaceuticals business operations by the company in Bangladesh will have no impact on the consumer healthcare business in Bangladesh.
Each share of the company, which was listed on the Dhaka bourse in 1976, closed at Tk 1,206 each on Wednesday, gaining 2.60 per cent over the previous day.
The company's share price traded between Tk 1,005 and Tk 1,700.10 each in last one year.
The GSK disbursed 550 per cent cash dividend for the year ended on December 31, 2017. In 2016, it paid 500 per cent cash dividend.
The company, however, suffered a drop in its earnings per share to Tk 15.14 in January-June 2018 from Tk 19.27 in the same period a year ago.
The net operating cash flow per share (NOCFPS) also fell to Tk 29.94 for January-June 2018 as against Tk 42.39 for January-June 2017.
Its net asset value (NAV) per share was Tk 178.49 as on June 30, 2018 and Tk 183.93 as on June 30, 2017.
The company's paid-up capital is Tk 120.46 million and authorised capital is Tk 200 million, while the total number of securities is 12.04 million.
The sponsor-directors own 81.98 per cent stake in the company while institutional investors own 15.86 per cent, foreign investors 0.92 per cent and the general public 1.24 per cent as on July 31, 2018, the DSE data shows.
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