PZ Cussons Plc, the parent company of PZ Cussons Nigeria, says the company is planning to sell its African subsidiaries.
In its ‘Results for the year ended 31 May 2024,’ published on Wednesday, PZ Cussons said the company is looking at partial or full sale.
PZ Cussons said the sale will reduce the company’s exposure to naira fluctuations.
According to PZ Cussons, the board has received multiple interests in the sale of its African business.
“The Group is currently engaged in a process to sell its St Tropez brand and is exploring potential transactions that could lead to a partial or full sale of its Africa business, having received a number of expressions of interest,” PZ Cussons said.
“A partial or full sale of the Group’s Africa business could materially reduce the Group’s exposure to fluctuations in the Naira exchange rate.
“The Board has committed to using any proceeds from these transactions to first reduce gross borrowings, and consequently the level of…