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

PZ Cussons Nigeria Plc (PZCN) has been left in the dark after PZ Cussons Plc, its parent company announced the planned sale of its African subsidiaries.

PZ Cussons said in its financial report for the year ended May 31, 2024, released on Wednesday said it planned to partially or fully sell PCZN and other African subsidiaries.

This, the manufacturer of personal healthcare products said would reduce its exposure to naira fluctuations.

PZ Cussons added that the board has received multiple interests in the subsidiaries.

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

The company, however, promised to inform its shareholders of the divestment once additional details are available.

The notice read: “Notice is hereby given that on 18th September 2024, PZ Cussons plc, the ultimate parent company of PZ Cussons Nigeria Plc (“the Company” or “PZCN”), issued a public release with the title: “Results For The Year Ended 31 May 2024.

READ ALSO: PZ Cussons blames naira for £89.7m loss, reduces shareholders dividend

“Within the press release, on Page 1, the following was included: ‘The favourable trends of the second half of FY24 have continued into the new financial year. We are progressing with our plans to sell St. Tropez and have received a number of expressions of interest for our African business, recognising the potential of our brands and people, which could lead to a partial or full sale.

“The Board of PZCN has not at this time received any formal notification or more detail on this matter from the parent company, and will make the necessary disclosures as and when it receives more information.

“Please note that the Company’s closed 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 31 August 2024, to the market.

“Consequently, no Director, persons discharging managerial responsibilities, Audit Committee Members, Advisers, Consultants, and Employees, with insider information or their connected persons shall deal directly or indirectly in the securities of the company during this closed period.”

By: Babajide Okeowo

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