ArabFinance: GlaxoSmithKline (GSK Egypt) (BIOC) on Sunday announced that its board of directors has approved the spin-off of transferred consumer healthcare and intangible assets by selling them to GSK Consumer Healthcare Egypt Limited.

The sale transaction is set to be carried out as per the fair value (FV) study of the aforementioned assets, according to a statement filed to the Egyptian Exchange (EGX).

Accordingly, the board decided to invite for holding the extraordinary general meeting (EGM) to discuss the sale of transferred consumer healthcare assets (excluding building and machines) and intangible assets for GSK Consumer Healthcare Egypt Limited.

Moreover, the board approved appointing a new managing director for the company and to decide who has the right in signing on behalf of the company.

The board also agreed to choose the representatives of GlaxoSmithKline as members of Amoun Pharmaceutical Industries Companys board of directors.

GSK Egypt, a member of the British pharmaceutical company Glaxo Group, is an Egypt-based company engaged in the manufacture, packaging, marketing, sale, and distribution of pharmaceutical products.

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