GSE approves delisting of PZ Cussons
The move by the Ghana Stock Exchange (GSE) will bring the total number of companies delisted from the stock market to six over the past three years
The Ghana Stock Exchange (GSE) has approved the delisting of PZ Cussons from the stock market, following the review of offer documents to initiate the process. This will reduce the number of companies listed on the bourse to 31.
In view of the approval, PZ Cussons has announced its tender offer to existing qualifying shareholders of the company to purchase fully the entire shareholding of each qualifying shareholder.
The offer is priced at GHC0.45 per PZ Cussons share, representing a 15.4% premium above the market price of GHC0.39.
The process to delist from the local bourse began with the opening of an offer on 6 July 2020, and will close on 17 August 2020. A settlement will be made on 4 September 2020.
PZ Cussons has a total of 168 million shares issued on the bourse, with a total market capitalisation of GHC63.84 million.
In October 2019, PZ Cussons announced its intention to delist from the stock market following the unanimous approval of a resolution seeking to undertake the offer and to delist the company from the Ghana Stock Exchange. Subsequently, PZ Cussons shareholders also approved a resolution to undertake the offer at the company’s annual general meeting held on 11 November 2019.
In line with plans
“PZ Cussons Ghana Limited wishes to announce the company’s intention to delist from the Ghana Stock Exchange subject to shareholder approval, and approval from the Securities and Exchange Commission (‘SEC’) and/or the Ghana Stock Exchange (‘GSE’),” a statement from the company said.
IC Securities (Ghana) Ltd is acting as sole financial advisor and sole sponsoring broker to PZ Cussons in respect of the offer.
According to PZ Cussons Ghana, the proposed delisting is in line with the company’s plans to achieve operational efficiency by providing management of the company with more time and resources to focus on running and expanding the business, its distribution network and reach, thereby ensuring consumer satisfaction.
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