PZ Cussons Nigeria Plc shareholders have rescinded resolutions from the 74th Annual General Meeting, approving a reduction in share capital.
The reversal, disclosed in a statement to the Nigerian Exchange Limited, occurred at the 75th AGM in Abuja. Months earlier, the majority shareholder, PZ Cussons (Holdings) Limited, proposed acquiring shares from other stakeholders.
Originally offering N21 per share, it increased to N23. During the latest AGM, shareholders unanimously canceled prior resolutions on share capital reduction and amendments to the Memorandum and Articles of Association, citing challenges in obtaining foreign currency and reliance on the PZ Cussons Group for financial support.
