PZ Cussons to Buy Out Nigerian Shareholders, Delist From NGX

PZ Cussons (Holdings) Limited, the foreign majority core investor in PZ Cussons Nigeria Plc, has submitted a proposal to acquire the entire shareholdings of Nigerian minority shareholders in the Nigerian subsidiary.

In a regulatory filing at the Nigerian Exchange (NGX), PZ Cussons Nigeria stated that PZ Cussons has offered to acquire shares held by other shareholders of PZ Cussons Nigeria Plc at a price of N21 per share.

PZ Cussons informed the board of directors of PZ Cussons Nigeria of its intention to acquire the shares held by all the other shareholders, subject to prevailing market conditions.

The proposal is however still subject to the consideration and approval of the board of PZ Cussons Nigeria, the company’s shareholders and requisite regulatory authorities.

The acquisition of minority shareholdings will turn PZ Cussons Nigeria into a private limited liability subsidiary of PZ Cussons (Holdings), with delisting of its shares at the NGX.

In its proposal, PZ Cussons Group explained that the transaction is necessary in order to enable it to significantly simplify and strengthen operations in Nigeria, thus creating the foundations for the Nigerian business to deliver against its strategy.

The core investor stated that it seeks to build a more agile and innovative business, noting that it has been present in Nigeria since 1899 and expects Nigeria to remain an important market for the group for many years to come.

The proposed transaction will be implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 and other applicable rules and regulations.

This will require the company to convene a general meeting of its shareholders by an order by the Federal High Court, otherwise known as court-ordered-meeting.