Friesland Wamco to buy Ikorodu factory premises from PZ Cussons

PZ CUSSONS NIGERIA PLC, a leading consumer goods manufacturer in Nigeria, has proposed to sell out its factory premises situated at its Ikorodu Industrial Scheme, Ikorodu area of Lagos state to Friesland Campina Wamco Nigeria Plc after the company got approval for the sales from its directors last month.

PZ Cussons stated this in its recently published financial statement filed to the Nigerian Stock Exchange (NSE) while reporting significant events which could have a material effect on the financial position of the company in 2020, and its financial performance for the year that have not been provided for adequately.

According to the company, “PZ Cussons Nigeria Plc held an extraordinary general meeting on Thursday, 24 September in respect of its proposed sale of factory premises situated at plot 20A Ikorodu Industrial scheme, Ikorodu, Lagos to Friesland Campina Wamco Nigeria Plc. The proposed sale was approved at the meeting. The portion of the land being sold to Friesland Campina Wamco Nigeria Plc is approximately 67,733,235 square metres.

“Except as disclosed above, there are no other significant events after the reporting period which could have a material effect on the financial position as at 31 August 2020, and its financial performance for the year then ended, that have not been adequately provided for or disclosed in these financial statements,” the statement reads.

PZ further revealed that there is no impact on the recognition and measurement of assets and liabilities.

However, due to the uncertainties of the outcome of current events of the coronavirus pandemic, the company said it cannot reasonably estimate the impact these events will have on the company’s financial position, result of operations and cash flows in the future.

Although, the company did not disclose the set date or period for the completion of the sales, it is hopeful all plans get concluded before the close of 2021 trading year.