LONDON, UK: PZ Cussons, a British consumer goods company, has announced its intention to acquire the remaining shares of its Nigerian subsidiary, PZ Cussons Nigeria Plc (PZCN), and de-list it from the Nigerian stock exchange.
The move is aimed at simplifying and strengthening its business in Nigeria, a key market for the Group.
According to a statement released by the Group, it has made an offer to the Board of PZCN to buy the 26.73% of issued share capital held by minority shareholders at a value of ₦21 per share, subject to prevailing market conditions. This translates to a total cash consideration of £22.8 million, which will be funded from existing Naira cash balances.
The Group said the offer was attractive for the minority shareholders of PZCN, especially in light of the recent macroeconomic developments and foreign exchange challenges in Nigeria. It also expressed confidence that the offer was in the best interests of Group investors, as part of its strategy to deliver long-term growth and value.
The offer will require the approval of the PZCN Board, regulatory authorities and minority shareholders of PZCN. The Group will provide further updates on the transaction in due course.
PZ Cussons, which has been operating in Nigeria since 1899, produces and distributes personal care, home care, food and nutrition, and electrical products under various brands such as Imperial Leather, Morning Fresh, Nunu, Mamador and Haier Thermocool. The Group will report its results for the year ended 31 May 2023 on 26 September 2023.