PZ Cussons seeks shareholder approval for Nutricima sale to FrieslandCampina

PZ Cussons Nigeria will hold an extraordinary general meeting (EGM) with its shareholders, on how it will transact the sale of Nutricima Limited to FrieslandCampina.

According to a statement published on the website of the Nigeria Stock Exchange (NSE), the meeting will hold on July 28, 2020.

PZ Cussons said shareholders at the EGM will have to approve and consent to “the role of the company as the property seller of the factory premises” in line with the proposed sale of the business and assets to FrieslandCampinaWamco Nigeria PLC and FrieslandCampina Netherland B.V.

The shareholders will also have to approve and consent to “all such other acts, arrangements and roles of and/or by the company, contemplated and made in furtherance of the transaction under the transaction documents, notably, the assets purchase agreement dated March 13, 2020, and the property transfer agreement, executed, amongst others, between the company, Nutricima, FrieslandCampinaWamco and FrieslandCampina Netherland B.V subject to the procurement of requisite regulatory approvals for the transaction”.

It said shareholders have to approve the resolution that “the transfer to and vesting in the company of all rights and investment interests in the buildings and improvements within the factory premises, is hereby approved.

“The sale and transfer to FrieslandCampinaWamco Nigeria Plc of all that portion of land measuring approximately 67,733.235 square meters situate within Plot 20A Ikorodu Industrial Scheme in Ikorodu, Lagos State, Nigeria, alongside all rights and investment interests in the buildings and improvements, is hereby approved.

“The board of directors is authorised to enter into and execute on behalf of the company the asset purchase agreement, the property transfer agreement(s), all other designated transaction documents to which the company is a party and all such other documents as may be necessary or otherwise required of the company to give effect to the transaction, subject to the procurement of requisite regulatory approvals,” the notice read.

It said the EGM will hold at the command centre, PZ Cussons Nigeria Plc, 45/47 Town Planning Way, Ilupeju, Lagos by 11am.

PZ is a Fast Moving Consumer Goods (FMCG) company. It has been operating in Nigeria for 120 years and has over 3,500 people working across its extensive network.


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