By Dipo Olowookere
On Thursday, September 24, 2020, shareholders of PZ Cussons Nigeria Plc will converge for an Extraordinary General Meeting (EGM) to take a final decision on the sale of the business and assets of Nutricima Limited to FrieslandCampina Wamco Nigeria Plc and FrieslandCampina Nederland B.V.
The company plans to sell and transfer to Friesland a portion of its land on Plot 20A, Ikorodu Industrial Scheme in Ikorodu, Lagos State.
The forthcoming meeting was earlier fixed for Tuesday, July 28, 2020, but it could not take place.
But later this month, the event will take place by 11am at the Command Centre, PZ Cussons Nigeria Plc, 45/47 Town Planning Way, Ilupeju, Lagos.
In April 2020, the parent company of the Nigerian subsidiary, PZ Cussons Plc, said it was not expecting much from its largest market in Africa because the COVID-19 pandemic has made “the situation in Nigeria uncertain.”
“All our Nigerian businesses are likely to be impacted by the significant disruption to both manufacturing and route to market,” the leading British soap and cosmetic manufacturer had further said.
In the trading update released then by the firm, it confirmed the “sale of local Polish brand Luksja for £9.2 million in the quarter and recently announced the disposal of Nutricima, our Nigerian milk business, for $20.3 million.”
Business Post reports that Nutricima is owned by Milk Ventures (UK) Limited, a private liability company owned by PZ Cussons Plc in the United Kingdom.
In 2019, PZ Cussons decided to sell the business and assets of Nutricima in line with its global strategy to streamline and focus its investments in personal care, beauty and home care products.
The Nutricima factory is located within the property of PZ Cussons Nigeria Plc in Ikorodu, Lagos State.
According to PZ Cussons Nigeria, the sale of this milk business will increase the retain earnings of PZ Cussons, create an avenue for the company to unlock value in its real property assets and ensure it derives maximum benefit inherent in the deal.
In a document sighted by Business Post, the board of PZ Cussons Nigeria said it considers the sale of Nutricima as a step in the right direction, urging the “shareholders to support the sale of the land assets as well as the transaction and vote in favour of the resolutions at the Extraordinary General Meeting of the company.”
