(Alliance News) - GSK PLC on Monday confirmed it has completed the demerger of consumer healthcare business as Haleon PLC.
Further, GSK will implement a share consolidation.
The west London-based pharmaceutical firm said shares of Haleon will be admitted to trading on Monday.
The healthcare product business will join GSK in the FTSE 100 index on its admission.
As a result, the lowest ranked FTSE 100 stock based on closing prices on Monday will be demoted to the FTSE 250 to make room for Haleon, index provider FTSE Russell previously said.
In addition, GSK said it received approval from its shareholders for a share consolidation.
The consolidation is expected to take place after the market close on Monday.
The ratio for the consolidation depends on "fluctuations in the volume and price of the GSK shares".
GSK shares were trading 2.5% lower at 1,398.80 pence each in London on Monday morning.
Haleon was trading at 334.00p, having traded in a range of 321.05p and 337.40p in opening dealins.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Glaxosmithkline (GSK)
Haleon (HLN)