PZ Cussons Nigerias hopes of delisting from the Nigerian Exchange Limited (NGX) has hit a stumbling block as it was gathered that the Securities and Exchange Commission (SEC) declined the companys request for its major shareholder, PZ Cussons (Holdings) to buy out other shareholders.

According to a corporate disclosure filed with NGX, PZ Cussons (Holdings) Limited had intended to buy the shares held by other PZ Cussons Nigeria shareholders at N23 per share.

However, the SEC declined the companys request for No Objection to this move. The reasons for SECs decline to the request were not contained in the statement signed by the companys secretary, Olubukola Olonade-Agaga.

The statement read, PZ Cussons Nigeria Plc hereby notifies the NGX and the investing public that the SEC has declined the companys request for its no objection to PZ Cussons (Holdings) Limiteds (the majority shareholder) intention to acquire the shares held by all the other shareholders of PZCN at an offer price of N23 per share (the Proposed Transaction).The Board will communicate further developments to shareholders in due course.

It will be recalled that in September 2023, the UK-based group, PZ Cussons (Holding) Limited announced moves to buy the remaining 26.73 per cent shareholding of its Nigerian subsidiary, PZ Cussons Nigeria Limited held by minority shareholders at a price of N21 per unit. (Daily Sun)