Consumer goods maker PZ Cussons has confirmed it plans to delist its Nigeria unit from the Nigerian stock exchange after buying out 26.73% stake in the company held by minority shareholders.

Delisting means the company will be wholly-owned by its parent company and will no longer be publicly traded.

The UK-headquartered company is offering all other shareholders ₦21 per share. The firm said in a statement on Tuesday that it believed the offer to be attractive for minority shareholders in Nigeria, particularly given the “recent macroeconomic developments and foreign exchange challenges.”

“The Group believes the transaction will significantly simplify and strengthen its business in Nigeria, putting in place a sustainable structure and platform to maximise long-term growth and value,” it said.

The buyout will cost the company £22.8 million (N21.7 billion) in cash and funding for the transaction is expected to https://pluboard.com/2023/09/05/companies/pz-cussons-confirms-its-delisting-nigeria-unit-amid-forex-woes/