PZ Cussons explains its proposed asset sale of Nutricima Limited

PZ Cussons International Limited has explained reasons why it intends to sell its subsidiary, Nutricima Limited to FrieslandCapina WAMCO Nigeria.

In a notice filed by the consumer goods manufacturer, it said that it entered into an exchange of contracts with FrieslandCapina for sale of assets associated with Nutricima Limited in Nigeria.

It also noted that Nutricima Limited is wholly owned by PZ Cussons International Limited and the proposed asset sale of the Food and Nutrition division was in line with the Group's focus, scale and accelerate" strategy to streamline the Group's focus on core personal care and beauty brands.

PZ Cussons said the transaction was subject to regulatory approvals and legislation before the sale is completed.

Note that Nutricima Limited is part of the Food and Nutrition division of PZ Cussons International.

It manufactures, markets and sells enriched dairy-based beverages and fruit juices for West-Africa.