Britian’s largest drugmaker, GlaxoSmithKline Plc (GSK) has disclosed plans to invest $1 billion in its Nigerian and Indian units, in a bid to reduce reliance on pharmaceutical products and western markets and increase shares in the fast growing emerging markets.

Pharmaceutical giant, GSK said on Monday it will spend $98 million to acquire an additional 33.7 percent share in its GlaxoSmithKline Consumer Nigeria Plc, shooting its total holdings to 80 percent from 46.4 percent, leaving the minimum 20 percent public shareholding required for a company to remain listed on the Nigerian Stock Exchange (NSE).

For the additional shares, the group is proposing a premium of 28 percent at 48 naira (30 cents) per share.

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