PZ Cussons Plc has sold its 50 percent stake in PZ Wilmar to Wilmar International Limited for $70 million.
According to THISDAY, this agreement will give Wilmar full ownership of PZ Wilmar.
A joint announcement from both companies confirmed that PZ Cussons Nigeria Plc will continue its operations without any impact from the transaction.
Wilmar will fully acquire PZ Wilmar once all necessary approvals are secured.
PZ Wilmar was formed in 2010 as a partnership between PZ Cussons Plc and Wilmar International.
The company is known as one of the largest sustainable palm oil businesses in Nigeria.
The venture also holds minority stakes in two palm oil plantations in Nigeria that are primarily owned by Wilmar.
Wilmar, which is listed on the Singapore Exchange, is buying the shares from PZ Cussons Plc, listed on the London Stock Exchange.
The announcement also made it clear that PZ Cussons Nigeria Plc has no ownership ties to PZ Wilmar and will continue its normal business activities.
After the transaction is completed, PZ Wilmar will operate under a new name.
The final stages of the sale are expected to be completed by the end of 2025.
Wilmar Chairman & CEO, Mr. Kuok Khoon Hong, said: “We are optimistic about Nigeria’s palm oil sector because of its large population and favorable climate.”
He also shared that Wilmar is committed to expanding both palm plantations and related businesses in Nigeria.
PZ Cussons Plc CEO, Mr. Jonathan Myers, said: “PZ Wilmar is in a strong position for future growth while we continue to build our core business.”
Mr. Adewale-Smatt Oyerinde from the Nigerian Employers Consultative Association said the deal is a positive step as long as it secures jobs and long-term investment.
Dr. Muda Yusuf from the Center for the Promotion of Private Enterprise described the sale as foreign direct investment that could create more job opportunities and boost local industries.
Article updated 3 hours ago. Content is written and modified by multiple authors.
