Shareholders of PZ Cusson Nigeria Plc, PZ Towers Limited and PZ Power Company Limited, yesterday approved to merge the three companies.
The approval was given at an Extraordinary General Meeting (EGM) by the shareholders in Abeokuta, Ogun State capital.
The subsumed companies in the new arrangement-PZ Tower and PZ Power Company Ltd. were incorporated in 2005 and 2009 respectively for the manufacture and sale of detergent to PZ Cusson Nigeria Plc and for energy generation and distribution to PZ and its related companies.
Over three-quarter of the shareholders that attended the meeting approved the merger as required by the court order. “The purpose of this business combination is to drive improved operation efficiencies, cost savings, enlarged managerial efficiencies and reduce transfer pricing complexity”
The Corporate Affairs and Administration Director, Mrs. O.T Ifaturoti disclosed. “This will be achieved through simplification of corporate structure, streamlining their operations and reducing administrative costs thereby deriving the maximum benefits of synergy” she added.