PZ Cussons Nigeria Plc has yet to receive a formal notice of divestment from its parent company, PZ Cussons Group.

Legit.ng reported that the consumer goods company plans to divest its African subsidiaries.

The firm disclosed that the sale will reduce its exposure to naira fluctuations.

The personal care products manufacturer disclosed that its board has received multiple interest in the sale.

TheCable reports that PZ Cussons Nigeria said it would clarify the planned divestment once additional information is received.

On Wednesday, September 18, 2024, PZ Cussons chief executive officer Jonathan Myers said that the company was facing unparalleled inflation and economic challenges, adding that the naira devaluation had significantly impacted its financials.

SEC rejects offers to sell minority shares

The announcement came six months after Myers said the firm was reviewing its brands and geographies due to Nigeria's macroeconomic challenges and complexities.

It disclosed that it was evaluating its brands after the Securities and Exchange Commission (SEC) rejected its request to acquire the minority shares in PZ Cussons Nigeria in March 2024.

Per the report, in September 2023, PZ Cussons disclosed an interest in buying the remaining 26.73% minority shares held in the Nigerian subsidiary at a price of N21 per unit.

As of May 31, PZ Cussons holds a 73.27% stake in the Nigerian subsidiary, representing 2.90 billion shares worth N45.53 billion as of September 18.