GHANA – The Ghana Stock Exchange (GSE) has approved the delisting of a major consumer goods company, PZ Cussons Ghana from the stock market, following the review of offer documents to initiate the process.
In October 2019, PZ Cussons announced its intention to delist from the stock market following the unanimous approval of a resolution seeking to undertake the Offer and to De-List the Company from the GSE.
According to PZ Cussons Ghana, the proposed de-Listing is in line with the company’s plans to achieve operational efficiency, by providing management of the company more time and resources to focus on running and expanding the business, its distribution network and reach, thereby ensuring consumer satisfaction.
In view of the approval, Ghana Web has reported that, PZ Cussons has announced its tender offer to existing Qualifying Shareholders of the company to purchase fully the entire shareholding of each Qualifying Shareholder.
The Offer is priced at GHc 0.45 per PZ Cussons Share representing a 15.4 percent premium above the market price of GHS 0.39, which is the higher of the average 12-week market price and the market price on the annual general meeting date.
The process began with the opening of offer on July 6, 2020, and will close on August 17, 2020. Settlement would be made on September 4, 2020.
Currently, PZ Cussons has a total of 168 million shares issued on the bourse, with a total market capitalization of GHc 63.84 million (US$11m).
IC Securities Ghan) Limited, is acting as sole financial adviser and sole sponsoring broker to PZ Cussons in respect of this Offer.
At the end of the process, this will raise the total number of companies delisted from the bourse to six over the past three years – some voluntary, some enforced. This will reduce the number of companies listed on the bourse to 31.
In neighbouring Nigeria, the subsidiary of Manchester-based PZ Cussons Holdings, has donated soaps to the Lagos State Ministry of Health in bid to curb the spread of the COVID-19 by promoting hygiene through regular washing of hands with soap and clean water.
The PZ Cussons Foundation had previously donated soaps to over 40,000 people in six major cities across Nigeria in collaboration with the Foundation for Refugee Economic Empowerment (FREE), a UK and Nigerian charity organization, reports This Day.