PZ Cussons to merge two subsidiaries
The recent restricting in PZ cussons Nigeria Plc aimed at stremling its operations and curtailing costs has led to the merging of its subsidiaries PZ power and PZ tower with the parent company. The business combination would be effects through a scheme of arrangement.
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.
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.
Key extracts of the nine-month accounts for the period ended February 28, 2015 showed marginal growth in sales amidst notable decline in the bottom-line. While sales rose by 0.56 per cent, pre and post tax profits dropped by 22.85 per cent and 27.91 per cent.Bottom of Form