Emeka Okoroanyanwu
PZ Cussons Nigeria shareholders have approved resolutions to authorise its Board of Directors to enter into and execute on behalf of the company, the sale and transfer to FrieslandCampinaWamco Nigeria Plc the portion of land within its Ikorodu Industrial Estate where NUTRICIMA factory conducts its business operations.
The Extraordinary General Meeting (EGM) held last week at its Ilupeju premises in Lagos, to consider resolutions to that effect.
In his statements to the shareholders, the Chairman of PZ Cussons, Chief Kola Jamodu, explained that the operations of NUTRICIMA in some respects integrated with those of the PZ Cussons Nigeria as land assets used by NUTRICIMA for its operations is owned by PZ Cussons Nigeria.
He briefed the shareholders of the benefits derivable from the sale of the immovable assets. This includes an increase in the retained earnings of PZ Cussons Nigeria PLC ‘by unlocking value in the Company’s real property assets.’The shareholders approved the resolutions unanimously.
READ ALSO: https://www.thexpressng.com/2020/09/29/breaking-buhari-transmits-petroleum-bill-to-senate/
NUTRICIMA Nigeria Limited, a manufacturer of dairy products, is owned by Milk Ventures Limited- a UK-registered limited liability company- owned by PZ Cussons PLC U.K. PZ Cussons UK is the parent company of PZ Cussons Nigeria PLC.
