PZ Cussons Nigeria Plc (PZCN) says it has not acquired any formal notification of divestment from PZ Cussons Plc, its mother or father firm.
PZ Cussons on Wednesday stated the corporate plans a partial or full sale of its African subsidiaries.
The producer of non-public healthcare merchandise stated the sale will scale back its publicity to naira fluctuations.
In keeping with PZ Cussons, the board has acquired a number of pursuits for the sale.
In an announcement on Thursday, PZCN stated it is going to present extra info on the deliberate divestment as soon as extra particulars are made out there.
“The board of PZCN has not presently acquired any formal notification or extra element on this matter from the mother or father firm, and can make the required disclosures as and when it receives extra info,” PZCN stated.
On Wednesday, Jonathan Myers, PZ Cussons’ chief govt officer (CEO), stated Nigerians are going through unprecedented inflation and financial difficulties, including that the naira devaluation has additionally considerably impacted the corporate’s financials.
The announcement by PZ Cussons comes six months after Myers stated the corporate was reviewing its manufacturers and geographies over macroeconomic challenges and complexities in Nigeria.
The CEO stated the corporate was reviewing its manufacturers after the Securities and Alternate Fee (SEC) rejected PZ Cussons’ request to accumulate the shares of minority shareholders in PZCN in March.
In September 2023, PZ Cussons had proven curiosity in shopping for the remaining 26.73 p.c minority shares held within the Nigerian subsidiary, at a worth of N21 per unit.
As of Could 31, PZ Cussons holds a 73.27 p.c stake within the Nigerian subsidiary, which represents 2.90 billion shares, value N45.53 billion as of September 18.
