PZ Cussons brings 29yrs trading on Ghana Stock Exchange to an end
Manufacturer of healthcare products, PZ Cussons Ghana Limited, has delisted from the Ghana Stock Exchange (GSE) effective October 19, 2020.
PZ Cussons Ghana explained it wants to focus on expanding the business and its distribution network.
The company has bought back stocks held by shareholders as it exits the bourse.
The company has 2,079 shareholders. It has bought back more than 8.83million shares from 410 shareholders. These 8.83million shares were resold to the company at 3.97million cedis.
PZ Cussons (Holdings) Limited, the majority shareholder, therefore now holds more than 160million shares, representing 95.50% of the issued shares of PZ Cussons.
“The tendered shares have been transferred to the ownership of PZ Cussons (Holdings) Limited by the Registrar, UMB Registrars,” the company said in a statement.
The company said shareholders should note that once PZ Cussons is de-listed from the GSE, the company’s shares will no longer be traded on the GSE hence shareholders who wish to trade should contact UMB Registrars or IC Securities (Ghana) Limited for assistance.
PZ Cussons was listed formally on the GSE in 1991.
The GSE had earlier approved the de-listing of PZ Cussons in July 2020 from the stock market, following the review of offer documents to initiate the process.
The latest will make it six de-listings on the GSE so far in the last three years.
PZ Cussons had a total market capitalization of GHC 63.84 million.
The company posted a £47.7million profit for Africa in its first-quarter report for the month ending August 31, 2020.
According to the firm, it represented a 4% profit rise compared to 2019 figures.
The company made changes to its board in March and also appointed Jonathan Myers, Chief Executive Officer as its new CEO.
“The first-quarter results have given us a good start to the year with growth in all three regions and an improvement in profitability. The majority of our Focus Brands are now in growth, led by Carex in the UK. Mr Myers said. “We are currently in a process to examine and evolve our strategy to deliver sustainable top-line growth and improved operating margin”.
The COVID-19 pandemic did not spare the company with the CEO indicating that their “operating landscape remains highly volatile with many of the economies we operate in moving into recession, the continuing uncertainty of the COVID-19 pandemic and categories remaining highly competitive with pressure on discounting and cost”.
The region returned to profit in the first quarter despite the continuing adverse economic situation and an increase in input costs driven by the scarcity of foreign currency.