SEC declines PZ Cussons’s request to buyout other shareholders and delist

PZ Cussons Nigeria’s attempt to delist from the NGX has hit a roadblock as the Securities and Exchange Commission has declined the company’s request for its major shareholder, PZ Cussons (Holdings) to buy out other shareholders.  

According to a corporate disclosure seen by ThePressNG, PZ Cussons (Holding) intended to buy the shares held by other PZ Cussons Nigeria shareholders at N23 per share.

However, the SEC declined the company’s request for “No Objection” to this move.  

Reasons for SEC’s decline to the request were not contained in the statement signed by the Company’s Secretary, Olubukola Olonade-Agaga. 

The statement read,

What you should know  

In September 2023, the UK-based group, PZ Cussons (Holding) Limited announced moves to buy the remaining 26.73% shareholding of its NIgerian subsidiary, PZ Cussons Nigeria Limited held by minority shareholders at a price of N21 per unit.

The move effectively meant a delisting of PZ Cussons Nigeria from the NGX.  

The offer was increased to N23 per unit in November. 

PZ Cussons Nigeria posted a pre-tax loss of N73.8 billion in its H1 2024 results which reflected a significant decline from the N9.3 billion pre-tax profit posted in the corresponding period of the previous fiscal year.