Wilmar International Limited (“Wilmar”), an agribusiness group, is to purchase the 50 per cent equity stake in PZ Wilmar Limited (“PZ Wilmar”) held by consumer goods giant PZ Cussons Plc, for $70 million.
This followed a definitive agreement jointly announced yesterday by PZ Cussons Plc and Wilmar. Wilmar is listed on the Singapore Exchange, while PZ Cussons Plc is traded on the London Stock Exchange.
Upon completion of the transaction, which is subject to a number of relevant approvals, Wilmar will hold 100 per cent of the equity in PZ Wilmar. PZ Cussons Nigeria plc, a subsidiary of PZ Cussons plc, is not a shareholder of PZ Wilmar and its operations are unaffected. Following completion of the transaction, PZ Wilmar’s name will be changed and an announcement on the new name will be issued in due course.
Completion, which remains conditional on a number of relevant approvals, is expected to take place in the last quarter of 2025.
Kuok Khoon Hong, Wilmar Chairman and CEO, in a statement, thanked PZ Cussons for their cooperation and support since inception of the joint venture in 2010, noting that it has contributed to its success and leading market position in Nigeria.
“Wilmar is acquiring PZ Cussons plc’s 50 per cent stake in PZ Wilmar as we are bullish on the longterm potential of Nigeria’s palm oil sector, given its large and growing population and suitability for palm cultivation.
“The Nigerian market’s strong demographics, with more than 200 million consumers, offer a significant opportunity for growth in food and nutrition.
“It is Wilmar’s intention to continue developing the upstream palm plantation and downstream businesses in Nigeria,” he said.
Hong stated that as a global industry leader, Wilmar is well positioned to invest and realise these opportunities following the completion of the transaction.
He, however, said the company recognises the importance of having strong local partnerships in the markets where it operates and will be looking for a suitable local partner for the business.
Also commenting on the transaction, Jonathan Myers, CEO of PZ Cussons Plc., said: “Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership for us both. I want to thank the Wilmar leadership for their support and our PZW employees for their contribution and great results over the years.
“PZ Wilmar is in the best possible hands to build further on its market leading position, while PZ Cussons continues to invest in and grow its core business.”
