GSK has agreed to the sale of 28.2 million ordinary shares in Aspen Pharmacare Holdings at a price of ZAR 372 per share, raising gross proceeds of approximately ZAR 10.5 billion.
Following settlement of the sale, GSK will hold 28.2 million ordinary shares in Aspen, representing approximately 6.2% of the issued share capital.
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GSK has undertaken not to dispose of any further shares in Aspen for a period of 180 days following completion, subject to certain limited exceptions.
The gross proceeds of the transaction are equivalent to GBP 574 million at the prevailing exchange rate on 12 March 2015.
Proceeds from the transaction will be used for general corporate purposes.
The net profit on disposal will not be included in core operating profit and core EPS in 2015 and it is expected that GSK will no longer account for Aspen as an associate going forward.
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