SEC Objects To Planned Buyout Of Minority Shareholders By PZ Cussons

Directors of PZ Cussons Nigeria Plc, on Wednesday said the country’s Securities & Exchange Commission (SEC) has withheld its approval to an offer by its parent company- PZ Cussons (Holdings) Limited seeking to acquire the stake of minority shareholders.

Anotice to the Nigerian Exchange Limited by Olubukola Olonade-Agaga, the Company Secretary, for and on behalf of PZ Cussons Nigeria Plc, said the decision to decline assent was contained in a response from the commission to its earlier request.

Recall that companies wishing to acquire shares held by other shares are required by regulation to seek a “no objection,” or approval of the SEC.

In the notice dated March 19, but posted on the NGX platform today, the company notified “the NGX and the investing public that the Securities and

Exchange Commission (SEC) has declined the company’s request for its No

Objection to PZ Cussons (Holdings) Limited’s (the majority shareholder) intention to acquire the shares held by all the other shareholders of PZCN at an offer price of ₦23 per share.”

The company with such eminent personality as Mrs. Ifueko Omoigui-Okauru, former Executive chairman of the Federal Inland Revenue Service (FIRS); Suleyman Ndanusa, former Director-General of SEC Nigeria; and Ballama Manu, former Executive Director of Union Bank of Nigeria Plc as chairperson and members respectively, among others on its board, assured that further developments will be communicated to shareholders in due course.