PZ Cussons seek shareholders’ approval for Nutricima sale to FrieslandCampina

PZ Cussons Nigeria says that it will decide, in an extraordinary general meeting with its shareholders, on how it will transact the sale of Nutricima Limited to FrieslandCampina.

According to a statement published on the Nigeria Stock Exchange (NSE) website, the meeting will hold on July 28, 2020.

PZ Cussons said shareholders at the EGM will have to approve and consent to “the role of the company as the property seller of the factory premises” in line with the proposed sale of the business and assets to FrieslandCampina Wamco Nigeria PLC and FrieslandCampina Nederland B.V.

The shareholders will also have to approve and consent to “all such other acts, arrangements and roles of and/or by the company, contemplated and made in furtherance of the transaction under the transaction documents, notably, the assets purchase agreement dated March 13, 2020, and the property transfer agreement, executed, amongst others, between the company, Nutricima, FrieslandCampina Wamco and FrieslandCampina Nederland B.V subject to the procurement of requisite regulatory approvals for the transaction”.

It said shareholders have to approve the resolution that “the transfer to and vesting in the company of all rights and investment interests in the buildings and improvements within the factory premises, is hereby approved.

“The sale and transfer to FrieslandCampina Wamco Nigeria PLC of all that portion of land measuring approximately 67,733.235 square meters situate within Plot 20A Ikorodu Industrial Scheme in Ikorodu, Lagos State, Nigeria, alongside all rights and investment interests in the buildings and improvements, is hereby approved,” the notice read.

“The board of directors is authorised to enter into and execute on behalf of the company the asset purchase agreement, the property transfer agreement(s), all other designated transaction documents to which the company is a party and all such other documents as may be necessary or otherwise required of the company to give effect to the transaction, subject to the procurement of requisite regulatory approvals.”

It said the EGM will hold at the command centre, PZ Cussons Nigeria Plc, 45/47 Town Planning Way, Ilupeju, Lagos by 11am.