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GlaxoSmithKline completes sale of Aspen shares, raising $694 million

A no entry sign is pictured outside the GlaxoSmithKline building in Hounslow, west London June 18, 2013. REUTERS/Luke MacGregor

LONDON (Reuters) - GlaxoSmithKline said on Wednesday it had completed the sale of 28.2 million shares in Aspen Pharmacare at 250 rand each, raising gross proceeds of 7.059 billion rand ($694 million).

Shares in the South African drug maker closed at 267.40 rand on Tuesday.

GSK had previously said it planned to reduce its investment in the South African drug maker by one third, while remaining committed to working closely with Aspen. It now has a reduced stake of 12.4 percent.

($1 = 10.1738 South African rand)

(Reporting by Ben Hirschler)