Unilever on Tuesday announced acquisition of 81.98 per cent shares of GlaxoSmithKline Bangladesh to bolster its purpose of building a profitable and sustainable nutrition business in Bangladesh.
Unilever Overseas Holdings BV, a concern of Unilever, bought a total of 9,875,144 shares or 81.98 per cent stakes in GSK Bangladesh from Setfirst, a concern of GSK Group, on the block market at Dhaka Stock Exchange on Sunday, Unilever in a statement said.
The rest 18 per cent of the stake is owned by the general and institutional investors.
Under the acquisition, Unilever got the ownership of GSK’s health food & drinks (HFD) portfolio brands including Horlicks, Boost, and Glaxose-D.
GSK Bangladesh will continue as an entity with a new name and all the products (Horlicks, Boost, Glaxose-D) in the market will continue to be the entity’s products.
UK-based GSK in a statement on Tuesday said that would continue to operate in Bangladesh through its subsidiary Burroughs Wellcome and Co (Bangladesh) Limited (BW).
BW will market Sensodyne and the digestive health brand Eno, it said.
Bangladesh continues to be an important market for GSK and the company will continue to invest in these brands and launch new brands in this country, it said.
Kedar Lele, chief executive officer and managing director of Unilever Bangladesh, said, ‘We have successfully completed the acquisition of GSK Consumer Healthcare business in Bangladesh even amidst a global crisis.’
Improving the health and wellbeing of 1 billion people by 2020 is a key pillar in Unilever’s Sustainable Living Plan, he said.
‘We will uphold the high-science Nutrition values that was created in GSK and further amplify it with the high technology orientation of Unilever,’ Lele said.
‘For me, it is even more meaningful as I welcome 147 employees of GSK into larger Unilever family,’ he said.
This acquisition was announced on December 3, 2018 and was subject to obtaining necessary approvals, which have now been secured, said the Unilever statement.
BW also announced the appointment of Amirul Islam as its country manager.
Amirul will be based in Dhaka and will be responsible for growing the business in Bangladesh.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Stocks