PZ Cussons Nigeria Soars by 31% in Fresh Rally

PZ Cussons Nigeria Soars by 31% in Fresh Rally

PZ Cussons Nigeria Plc topped stock market performers with more than 31% gain over the last five trading sessions on the Nigerian Exchange (NGX) trading platform.

Huge volumes of PZ Cussons shares were traded in the stock market as investors’ sentiments improved amidst debt-to-equities conversion priced below the latest market price.

Data from the equities market revealed that the company share price climbed to N35.40 in the stock market as investors shifted attention towards the consumer goods index.

According to details from the Nigerian Bourse, the counter opened the week at N27, and with a three-day rally, its share price increased to N35.40 on Friday.

PZ Cussons price appreciation lifted its market value to N140.554 billion in the domestic bourse, spread over its 3.97 billion shares outstanding in the market.

At the current market price, PZ Cussons is trading at 11.5% discount to its 52-week and keeps a wide distance from its lowest market price within the same period. 

The board of directors at PZ Cussons Nigeria Plc. recently approved converting $34 million out of more than $40 million debt owed to its patent company, PZ Cussons Holdings, to equities.

In an official statement, the company said it will be seeking its shareholders’ approval for the debt-to-equities conversion deal at an extra ordinary general meeting schedule for March 2025.

Details revealed that PZ Cussons Holdings interest in the Nigerian subsidiary will increase to 82.79% if the debt conversion pulls through from a 73% stake in the consumer goods company. 

PZ said the outstanding shareholder loan amounting to USD 34,264,544, or ₦51,795,312,646  is expected to be converted to equity at an agreed price of ₦23.60 per share.

The conversion rate is noted to be PZ share price as of the close of trading on 12 February 2025, the date before the board meeting. #PZ Cussons Soars by 31% in Fresh Rally FG Calls on Traders to Lower Food Prices