PZ Cussons To Sell Nigerian Subsidiaries, Others

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PZ Cussons said it has commenced plans to sell its African subsidiaries to any interested buyer due to forex challenges.

Channelstv reports that the company stated this in its preliminary results published on its website for the year ended May 31, 2024.

According to the results, the parent company of PZ Cussons Nigeria said it is looking at a partial or full sale to mitigate the company’s exposure to fluctuations in the naira, which has devalued by 70 per cent.

The document read, “Over the last 12 months, we have made continued operational progress and delivered against the strategic priorities set out at the start of the year, against the backdrop of macro-economic challenges.

“At the same time, we have taken the important first steps to transform our business and maximise shareholder value, by refocusing our portfolio on where we can be most competitive.