BrandArena: PZ Cussons to merge two subsidiaries

Monday 30 March 2015

PZ Cussons to merge two subsidiaries

Cussons Nigeria Plc is undertaking a major corporate restructuring aimed at streamlining its operations and curtailing costs.

Regulatory filing showed that the Board of Directors has resolved to embark on a corporate restructuring with a view to simplifying the company’s structure and operations.

The restructuring involves business combination of two of PZ Cussons Nigeria’s subsidiaries – PZ Power and PZ Tower with the parent company. The business combination would be effected through a scheme of arrangement.

According to the conglomerate, the restructuring would lead to reduction in administrative costs while simultaneously improving operational efficiency.

However, the proposed merger will be subject to the receipt of the appropriate approvals from the Securities and Exchange Commission and the Federal High Court.

PZ Cussons Nigeria recently recommended distribution of N794.1 million to shareholders as interim dividends for the current year ending May 31, 2015. The dividend recommendation was part of the third quarter interim report and accounts of the conglomerate released yesterday.

According to the report, shareholders on the register of the company as at the close of business on March 31, 2015 will receive a dividend per share of 20 kobo, which will become payable on April 7, 2015.

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