PZ Cussons Nigeria’s plan to delist from the Nigerian Exchange Group (NGX) has encountered a hurdle, as the Securities and Exchange Commission (SEC) has rejected the company’s proposal for its major shareholder, PZ Cussons (Holdings), to acquire shares from other shareholders.
According to a corporate disclosure obtained by Daily Trust, PZ Cussons (Holdings) sought to purchase shares held by other shareholders of PZ Cussons Nigeria at N23 per share. However, the SEC declined to grant the company’s request for “No Objection” to proceed with this action.
The reasons for the SEC’s refusal were not specified in the statement released by the Company’s Secretary, Olubukola Olonade-Agaga.
Source: Daily Trust