In a corporate action released to the Nigerian Stock Exchange and Shareholders, PZ Cussons Nigeria Plc gave notice that an Extraordinary General Meeting of PZ Cussons Nigeria Plc will be held on Tuesday, 28 July 2020 at 11am at the Command Centre, PZ Cussons Nigeria Plc, 45/47 Town Planning Way, Ilupeju, Lagos.
The meeting is for the shareholders to consider, and if thought fit pass the following resolutions of PZ Cussons Nigeria Plc:
- Approve and consent to the proposed sale of the business and assets of Nutricima Limited to FrieslandCampina Nederlan B.V. In addition shareholders are to approve and consent to all such other acts, arrangements and roles of and/or by the company, contemplated and made in furtherance of the Transaction under the Transaction Documents, notably, the Assets Purchase Agreement dated 13th March 2020.
- The transfer to and vesting in the Company of all rights and investment interests in the Buildings and Improvements (as defined in the Explanatory Note annexed hereto) within the Factory Premises, is hereby approved.
- The sale and transfer to FrieslandCampina Wamco Nigeria PLC of all that portion of land measuring approximately 67,733.235 square meters situate within Plot 20A Ikorodu Industrial Scheme in Ikorodu, Lagos State, Nigeria, is hereby approved.
- The Board of Directors is authorised to enter into and execute on behalf of the Company the Asset Purchase Agreement, the Property Transfer Agreement(s), all other designated Transaction Documents to which the Company is a party and all such other documents as may be necessary or otherwise required of the Company to give effect to the Transaction, subject to the procurement of requisite regulatory approvals therefor.
PZ Cussons Plc, a leading consumer products group on 18th March 2020 announced that it has exchanged contracts for the sale of the assets associated with Nutricima’s business to FrieslandCampina WAMCO Nigeria Plc, an affiliate of Royal FrieslandCampina in the Netherlands. Under Nigerian law, completion of the transaction is subject to merger clearance in Nigeria.
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In the publication, Caroline Silver, Executive Chair of PZ Cussons said: “The proposed sale of Nutricima and the sale of Luksja are further steps forward under our ‘Focus, Scale and Accelerate’ strategy, as we continue to streamline the Group to focus investment on core Personal Care and Beauty brands. This will enable us to deliver higher margin earnings, in geographies which can scale, and support the return of the Group to sustainable, profitable growth.”
Nutricima Nigeria Limited manufactures and distributes beverages in Africa. Its product portfolio includes milk and yoghurt based drinks such as Nunu, Yo, and Olympic. Under Nunu brand, the company offers a wide range of powdered, evaporated and ready-to-drink (RTD) milk beverages, while under the Yo brand, it offers yoghurt drinks, as well as an RTD yoghurt range.
PZ Cussons Nigeria Plc is a company incorporated in Nigeria on 4 December 1948 under the name of P.B Nicholas and company Limited. The company became a public company in 1972 and was granted a listing on the Nigerian Stock Exchange. On 21 September, 2006, the company adopted its present name of PZ Cussons Nigeria Plc.
The principal activities of the group are the manufacture, distribution and sale of a wide range of consumer products and home appliances through owned depots.
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The share of PZ Cussons Nigeria Plc (NSE: PZ) gained N0.10 (2.56%) at the end of trading today on the floor of the Nigerian Stock Exchange to close at N4.00.
Just like other companies contained in the Consumer Goods Index, the share price of company has fallen significantly over the past 5 years. On a YTD basis, the stock prices is down by 29.20%, and down by 86.18% over 5 years period.
The profit of the company has declined over the 5 years too, although turnover remained approximately the same. The company had a turnover of N45.997 billion in 2015 with a Profit after tax of N3.147 billion. In 2019, the company had a turnover of N47.200 billion and a Profit after tax of N1.127 billion.