PZ Cussons has announced it is retaining its Africa business, citing growth in its core business in Nigeria, Kenya, and Ghana.
The company had previously announced plans to conduct a strategic review of its Africa operations and sell its 50% equity interest in PZ Wilmar Limited, its non-core edible oils business in Nigeria, to Wilmar International Limited for $70 million.
However, after a review, the board concluded that the offers received did not reflect the inherent value of the business and that retaining it would create greater value for shareholders.
PZ Cussons plans to expand into new categories, including men’s grooming and beauty, and explore opportunities in other African markets.
The company is optimistic about Africa’s growth potential, with Nigeria’s population forecast to increase by over 100 million, benefiting from urbanization and a growing middle class.
With nearly 80% of Nigeria’s revenue generated from brands holding #1 or #2 positions, PZ Cussons is confident in its ability to succeed in the market.
