PZ Cussons Shareholders Approved Sale of portion of its landed property at Ikorodu premises to WAMCO PLC

PZ Cussons Nigeria shareholders have approved the resolutions to authorise their Board of Directors enter into and execute on behalf of the Company, the sale and  transfer  to FrieslandCampina  Wamco Nigeria PLC of that portion of land situate within its Ikorodu Industrial Estate where NUTRICIMA factory conducts its business operations. The Extraordinary General Meeting (EGM) held on Thursday 24th, at its Ilupeju premises in Lagos, to consider resolutions to that effect. 

In his statements to the shareholders, the Chairman, Chief Kola Jamodu, explained that the operations of NUTRICIMA in some respects integrated with those of the PZ Cussons Nigeria as land assets used by NUTRICIMA for its operations is owned by PZ Cussons Nigeria. He briefed the shareholders of the benefits derivable from the sale of the immovable assets. This includes an increase in the retained earnings of PZ Cussons Nigeria PLC ‘by unlocking value in the Company’s real property assets’. The shareholders approved the resolutions unanimously.

NUTRICIMA Nigeria Limited, a manufacturer of dairy products, is owned by Milk  Ventures Limited- a UK-registered limited liability company- owned by PZ Cussons PLC U.K. PZ Cussons UK is the parent company of PZ Cussons Nigeria PLC.