GlaxoSmithKline raises £477m from offloading final Aspen shares

GlaxoSmithKline has sold its remaining shares in South Africa's Aspen Pharmacare to raise 8.47bn rand (£477m).

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The FTSE 100 drugs and consumer healthcare group agreed to sell its final holding of 28.2m ordinary shares at a price of 300 South African rand per share and so no longer holds any shares in Aspen.

"GSK has had a long and successful partnership with Aspen and our investment in the company has grown in value significantly over time," said GSK chief financial officer Simon Dingemans.

"This disposal completes a successful phased approach to realising that value which we can now deploy behind the group's priorities."

The gross proceeds will be used by GSK for general corporate purposes, it said, with the net profit on disposal not included in core operating profit and core EPS in 2016.