PZ Cussons Nigeria PLC Board of Directors have concluded plans to convert $34.26 million of its outstanding loan into equity.
According to a disclosure signed by Alsec Nominees Limited, the company secretary, and published on the NGX on February 15, 2025, the decision is part of its ongoing plans to strengthen its balance sheet by settling all the outstanding shareholder loan obligations and reducing exposure to foreign currency fluctuations.
PZ Cussons Holdings Limited (PZCH) loaned $40.26 million to PZ Cussons Nigeria PLC (PZCN) in June 2022, to help cover raw material and operational costs, which were difficult to manage due to currency shortages. However, between 2023 and 2024, the Naira experienced significant devaluation, which negatively impacted PZCN’s financial results and led to a rise in its foreign currency-denominated loans.
“After extensive discussions, we have agreed that converting a portion of the…
Source: Guardian Newspaper
