Shareholders approve merger of PZ Cussons, Tower and Power

Shareholders approve merger of PZ Cussons, Tower and Power

The shareholders of PZ Cussons, PZ Tower and PZ Power, on Monday approved merger of the firms in line with the Investment and Securities Act 2007 regulations.

The merger was approved at an Extra-ordinary General Meeting (EGM) at the Green Legacy Resorts in Abeokuta, Ogun State.

PZ Tower, PZ Power are wholly owned entities of PZ Cussons and upon the conclusion of the merger, both companies would be fused with the parent parent entity – PZ Cussons Nigeria Plc.

The subsumed companies in the new arrangement – PZ Tower and PZ Company Ltd were incorporated in 2005 and 2009 repectively for the manufacture and sale of detergent to PZ Cussons Nigeria Plc and for energy generation and distribution to PZ and its related companies.

In his remarks at the EGM, the Chairman, PZ Cussons Nigeria Plc, Chief Kola Jamodu(CFR), lauded the shareholders for their “support and trust,” assuring that the Board would continue to manage business changes positively in line with current realities.

Also, the Corporate Affairs and Administrative Director, PZ Cussons Nigeria Plc, Mrs Oluwayomi Ifaturoti, in a release shortly after the meeting, stated the merger was geared towards improved operating efficiencies and cost savings.

Ifaturoti added that the purpose is to also drive enlarged managerial efficiencies and reduce transfer pricing complexity.

According to her, the purpose would be achieved through simplification of the corporate structure, streamlining their operations and reducing administrative costs and in the end, harness the benefits of synergy maximally.thenation.