PZ Cussons’ to merge with subsidiaries

The shareholders of PZ Cussons Nigeria Plc, and its subsidiaries, PZ Tower and PZ Power, have approved the plan to merge the three entities into one in compliance with the Investment and Securities Act 2007 regulations.

The decision for the merger proposal was taken by over three quarters of the shareholders that met for that purpose during their Extraordinary General Meeting held in Abeokuta, Ogun State, as required by a court order.

PZ Tower and PZ Power are wholly-owned subsidiaries of PZ Cussons and, upon the conclusion of the merger, would be fused with the parent entity.

Mrs. Oluwayomi Ifaturoti, the Corporate Affairs and Administrative Director of the company in a release shortly after the meeting, said the merger was geared towards improving operating efficiencies and cost savings.

She noted that the purpose was also to drive enlarged managerial efficiencies and reduce transfer pricing complexity.

She said, “The purpose will be achieved through simplification of the corporate structure, streamlining their operations and reducing administrative costs and in the end, harness the benefits of synergy maximally.”