PZ Cussons Nigeria in the dark as parent company moves to sell African subsidiary

PZ Cussons Nigeria Plc (PZCN) was left in the dark after PZ Cussons Plc, its parent company, announced plans to sell its African subsidiary.

PZ Cussons said in its financial report for the year ending May 31, 2024, released on Wednesday, that it plans to sell some or all of PCZN and other African subsidiaries.

This, the personal healthcare product maker said, would reduce its exposure to naira fluctuations.

PZ Cussons added that the board had received a significant stake in its subsidiaries.

However, in a Corporate Disclosure submitted to the Nigerian Exchange Group (NGX) on Thursday, PZCN said it had not received any formal notification of the divestment from its parent company.

However, the company promised to inform its shareholders about the divestment once additional details are available.

The notice reads: “This is to inform you that on 18 September 2024, PZ Cussons plc, the ultimate holding company of PZ Cussons Nigeria Plc (“the Company” or “PZCN”), issued a public release entitled: “Results For The Year Ended 31 May 2024.

READ ALSO: PZ Cussons blames naira for £89.7m loss, cuts shareholder dividend

“The press release, on Page 1, states the following: ‘The favorable trend in the second half of fiscal 2024 continues into the new fiscal year. We continue to advance plans to sell St. Tropez and have received a number of expressions of interest for our business in Africa, recognizing the potential of our brand and people, which could lead to a partial or full sale.

“The PZCN Board of Directors has not received any formal notification or further detailed information regarding this matter from the parent company at this time, and will make the necessary disclosures as soon as further information is received.

“Please note that the Company’s business closure period, which commenced on September 1, 2024, will remain in effect until 24 hours after the release of the Unaudited Financial Statements for the first quarter ended August 31, 2024, to the market.

“Therefore, no Director, person carrying out managerial responsibilities, Member of the Audit Committee, Advisor, Consultant, and Employee, with inside information or persons connected with them may transact directly or indirectly in the company’s securities during this closed period.”

By: Babajide Okeowo

The post PZ Cussons Nigeria in the dark as parent company moves to sell African subsidiary appeared first on Latest Nigeria News | Headlines from Ripples Nigeria.