* GSK aims to realise some value from 4-year investment
* Plans to sell one-third of holding, keep 13 pct stake
LONDON, Nov 19 (Reuters) - GlaxoSmithKline said onTuesday it planned to reduce its investment in South Africandrugmaker Aspen Pharmacare by one third, although itwould retain a board seat and a significant shareholding.
The sale of up to 28.2 million shares could realise some7.54 billion rand ($741 million), based on current marketprices.
Britain's biggest drugmaker intends to offload around 6percent of Aspen's issued share capital through a placing withinstitutional investors, leaving it with a stake ofapproximately 13 percent.
It first bought into in Aspen in 2009, since when Africa'sbiggest maker of generic drugs has expanded substantiallythrough a string of deals.
"GSK has a long and successful partnership with Aspen - andour investment in the company has grown in value significantlyover time," GSK's head of strategy David Redfern said in astatement.
"Having assessed this investment we have now decided torealise some of this value without altering the basis of thepartnership. We remain committed to working closely with Aspenas shown by our remaining stake in the company and our boardseat."
GSK, which said it would use the money for general corporatepurposes, has undertaken not to dispose of any further shares inAspen for a period of six months following the sale.
Citigroup Global Markets and UBS will act as jointbookrunners for the share placing. GSK said the net profit onthe disposal would not be included in core operating profit andcore earnings per share in 2013.