PZ Cussons Nigeria’s plan to delist from the NGX has encountered a setback as the Securities and Exchange Commission (SEC) declined the company’s request for its major shareholder, PZ Cussons (Holdings), to acquire shares from other shareholders.
A corporate disclosure obtained by Daily Trust revealed that PZ Cussons (Holdings) aimed to purchase shares held by other shareholders of PZ Cussons Nigeria at N23 per share. However, the SEC did not grant approval for this move.
The reasons for the SEC’s decision were not disclosed in the statement signed by the Company Secretary, Olubukola Olonade-Agaga.
The statement from PZ Cussons Nigeria stated, “The Board will communicate further developments to shareholders in due course.”
In September 2023, PZ Cussons (Holding) Limited, a UK-based group, announced plans to acquire the remaining 26.73% shareholding of its Nigerian subsidiary at a price of N21 per unit, effectively leading to the delisting of PZ Cussons Nigeria from the NGX.
However, shareholders rejected the offer, with some considering it unfair. Mr. Patrick Ajudua, President of New Dimension Shareholders Association, emphasized that any offer below N100 per share is unacceptable to Nigerian shareholders and will be opposed.
The SEC’s rejection adds uncertainty to PZ Cussons Nigeria’s delisting plans, as the company navigates shareholder concerns and regulatory requirements.
