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'We've not been informed' -- PZ Cussons Nigeria reacts to parent company's divestment plans

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PZ Cussons Nigeria Plc (PZCN) says it has not received any formal notification of divestment from PZ Cussons Plc, its parent company.

The manufacturer of personal healthcare products said the sale will reduce its exposure to naira fluctuations.In a statement on Thursday, PZCN said it will provide more information on the planned divestment once additional details are made available.

As of May 31, PZ Cussons holds a 73.27 percent stake in the Nigerian subsidiary, which represents 2.90 billion shares, worth N45.53 billion as of September 18.Wale Edun: Nigeria’s foreign reserves recorded $2.35bn net inflow in seven months

 

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