Shareholders of PZ Cussons, PZ Tower and PZ Power have met and approved merger in compliance with regulatory requirements of the Investment and Securities Act 2007 and the court order convening the meetings.
The meeting was held at Green Legacy Resort, Abeokuta, Ogun State. Over three-quarters of the shareholders that attended the emergency general meeting (EGM), including proxies, approved the merger as required by the court order.
PZ Tower and PZ Power are wholly owned entities of PZ Cussons and it is expected that upon the conclusion of the merger, both companies will be fused with the parent entity – PZ Cussons Nigeria plc. This business combination is aimed at driving improved operating efficiencies, cost savings, enlarged managerial efficiencies and transfer pricing. This will be achieved through simplification of the corporate structure, streamlining their operations and reducing administrative costs, thereby deriving the maximum benefits of synergy, a statement by PZ Cussons said.
In his closing speech at the EGM, Kola Jamodu, chairman, PZ Cussons Nigeria plc, thanked the shareholders for their support and trust. “The Board will continue to keep an eye on the bottom line by doing something differently in the face of current reality,” Jamodu, who is the immediate past president of the Manufacturers Association of Nigeria (MAN), said.
The subsumed companies in the new arrangement- PZ Tower and PZ Power Company Limited- were incorporated in 2005 and 2009 respectively for the manufacture and sale of detergent to PZ Cussons Nigeria PLC and for energy generation and distribution to PZ and its related companies.
