PZ Cussons Plc has officially sold its 50 percent stake in PZ Wilmar to Wilmar International Limited for a cash consideration of US$70 million. This transaction, jointly announced by both companies, will result in Wilmar holding a 100 percent equity stake in PZ Wilmar upon completion. The deal, subject to a number of relevant approvals, is anticipated to conclude in the last quarter of calendar year 2025.

PZ Wilmar, established in 2010 as a joint venture between PZ Cussons Plc (UK) and Wilmar, has grown to become one of Nigeria's largest sustainable palm oil businesses. The joint venture also holds minority stakes in two palm oil plantations within Nigeria, which are predominantly owned by Wilmar. It is important to note that PZ Cussons Nigeria Plc, a subsidiary of PZ Cussons Plc, is not a shareholder of PZ Wilmar and its operations remain unaffected by this divestment. Following the completion of the transaction, PZ Wilmar's name will undergo a change, with an announcement regarding its new identity to be issued in due course.

The agreement between these two existing joint venture partners is designed to ensure continuity and a seamless transition of ownership, with no significant impact expected on the company's personnel or operational activities. Wilmar International Limited, listed on the Singapore Exchange, is acquiring the stake from PZ Cussons Plc, which is listed on the London Stock Exchange.

Commenting on the acquisition, Mr. Kuok Khoon Hong, Chairman and CEO of Wilmar, expressed gratitude to PZ Cussons for their decade-long cooperation, which significantly contributed to the joint venture's success and market leadership in Nigeria. Wilmar's decision to acquire the remaining stake is driven by a strong belief in the long-term potential of Nigeria’s palm oil sector. Mr. Kuok highlighted Nigeria’s large and growing population of over 200 million consumers, along with its suitability for palm cultivation, as key factors offering substantial growth opportunities in food and nutrition. Wilmar intends to further develop both the upstream palm plantation and downstream businesses in Nigeria and will seek a suitable local partner for the business, recognizing the importance of strong local partnerships.

Mr. Jonathan Myers, CEO of PZ Cussons Plc, reflected on the joint venture with Wilmar as a long-term and rewarding partnership. He extended his thanks to Wilmar's leadership for their support and to the PZ Wilmar employees for their contributions and achievements over the years. Myers affirmed that PZ Wilmar is now in the best possible position to build upon its market-leading standing, while PZ Cussons will continue to strategically invest in and expand its core business operations.

The transaction has been well-received by Nigerian industry stakeholders. Mr. Adewale-Smatt Oyerinde, Director General of the Nigerian Employers Consultative Association (NECA), lauded the acquisition as a positive development, provided it safeguards investments, jobs, and ensures the long-term sustainability of the organization. He underscored the critical need for engagement with relevant regulatory bodies during such mergers and acquisitions. Similarly, Dr. Muda Yusuf, Founder and Chief Executive Officer of the Center for the Promotion of Private Enterprise (CPPE), described the deal as a purely business decision between two international firms and a welcome development that is expected to attract more foreign direct investment (FDI), create jobs, and foster backward integration within the palm oil sector.