Shareholders approve PZ’s sale of land to WAMCO
Shareholders of PZ Cussons Nigeria Plc have unanimously approved the resolutions authorizing their directors to, on behalf of the company, execute the sale and transfer of a portion of land situated within its Ikorodu Industrial Estate where NUTRICIMA factory conducts its business operations to FrieslandCampina Wamco Nigeria Plc.
Speaking during an Extraordinary General Meeting (EGM) in Lagos recently, the company Chairman, Chief Kola Jamodu, explained that the operations of NUTRICIMA in some respects integrates with those of the PZ Cussons Nigeria as land assets used by NUTRICIMA for its operations is owned by PZ Cussons Nigeria.
He briefed the shareholders of the benefits derivable from the sale of the immovable assets which includes: increase in the retained earnings of the company by unlocking value in the company’s real property assets’.
NUTRICIMA Nigeria Limited, manufacturer of dairy products, is owned by Milk Ventures Limited- a UK-registered limited liability company- owned by PZ Cussons Plc U.K while PZ Cussons UK is the parent company of PZ Cussons Nigeria Plc.