Business & Economy News

PZ Cussons Records N74.14bn Loss on FX Unification

By Kayode Tokede

With about N87.08billion foreign exchange loss, PZ Cussons Nigeria Plc has announced N74.14billion loss in the second quarter of (Q2) 2024, representing a decline of N7.67billion reported in second quarter of (Q2) 2023.

The company in Q2 2023 announced N2.7billion foreign exchange loss in Q2 2023. 

The household company on the Nigerian Exchange Limited (NGX) reported N73.8billion loss before tax in Q2 2024 from N9.29billion in Q2 2023 over N87.08billion foreign exchange loss from N2.7billion in Q2 2023.

In addition, PZ Cussons Nigeria declared N68.09billion revenue in Q2 2024, representing an increase of 19per cent from N57.26billion in Q2 2023.

The company last year announced plans to delist from the NGX as its parent company PZ Cussons (Holdings) Limited offers to buyout minority shareholders at an offer price of N21 per share.

In a notice at the NGX, it said that the majority shareholder, PZ Cussons (Holdings) Limited has offered to acquire all the outstanding shares held by minority shareholders through a scheme of arrangement.

“PZ Cussons Nigeria Plc notifies the NGX and the investing public that PZ Cussons (Holdings) Limited (the Core Shareholder) has informed the Board of Directors of the Company (the Board) of its intention to acquire the shares held by all the other shareholders of PZ Cussons Nigeria Plc, subject to prevailing market conditions, at an offer price of N21 per share (the proposed transaction),” the company said in the notice.

In their offer, the PZ Cussons Group explained that they believe the transaction is necessary in order to enable them to significantly simplify and strengthen operations in Nigeria creating the foundations for the Nigerian business to deliver against its strategy, building a more agile and innovative business, and noted that PZ Cussons has been present in Nigeria since 1899 and expects Nigeria to remain an important market for the Group for many years to come.

“The Proposed Transaction is however, subject to the consideration and approval of the Board of PZCN, the Company’s shareholders and requisite regulatory authorities.

“It is intended that the Proposed Transaction will be implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 (as amended) and other applicable rules and regulations. This will require the Company to convene a general meeting of its shareholders by an order by the Federal High Court (the “Court Ordered Meeting”).

“Details of the Court Ordered Meeting (which includes the date, time, venue and agenda for the meeting) will be communicated to shareholders upon receipt of the requisite approvals from the Board, the Securities and Exchange Commission and the Federal High Court.

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