Wilmar to acquire PZ Cussons’ 50% stake in PZ Wilmar JV for $70m

PZ Cussons Plc and Wilmar International Limited have agreed terms for Wilmar to purchase a 50 percent equity stake in PZ Wilmar Limited held by PZ Cussons for $70
million.

A joint statement seen by BusinessDay on Wednesday said the completion of the transaction is subject to a number of relevant approvals.

“Following the completion of the transaction, Wilmar will hold 100% of the equity in PZ Wilmar,” the statement read.

Formed in 2010 through a joint venture between PZ Cussons plc (UK) and Wilmar, PZ Wilmar is one of the largest sustainable palm oil business in Nigeria. PZ Wilmar’s edible cooking oils, sold under the brand names Mamador and Devon King’s, are market leaders in Nigeria.

The joint venture also owns minority stakes in two palm oil plantations in Nigeria, which are majority owned by Wilmar.

Wilmar, a company listed on the Singapore Exchange, is acquiring the 50 percent stake from PZ Cussons plc, a company listed on the London Stock Exchange. PZ Cussons Nigeria plc, a subsidiary of PZ Cussons plc, is not a shareholder of PZ Wilmar and its operations are unaffected, the statement noted.

“Following completion of the transaction, PZ Wilmar’s name will be changed and an announcement on the new name will be issued in due course.

“The transaction between the two existing joint venture partners of PZ Wilmar establishes a
strong basis for continuity and a smooth transition of ownership, with no substantive impact expected on people or operations.”

The completion, which remains conditional on a number of relevant approvals, is expected to take place in the last quarter of calendar 2025.

Commenting on the transaction, Kuok Khoon Hong, Wilmar chairman and CEO, said: “We would like to thank PZ Cussons for their cooperation and support since inception of this joint venture in 2010, which has contributed to its success and leading market position in Nigeria.

“Wilmar is acquiring PZ Cussons plc’s 50 percent stake in PZ Wilmar as we are bullish on the long-term potential of Nigeria’s palm oil sector, given its large and growing population and suitability for palm cultivation.”

He said the Nigerian market’s strong demographics, with more than 200 million consumers, offers a significant opportunity for growth in food and nutrition. Hong said it is Wilmar’s intention to continue developing the upstream palm plantation and downstream businesses in Nigeria.

“As a global industry leader, Wilmar is well positioned to invest and realise these opportunities following the completion of the transaction. However, we recognise the
importance of having strong local partnerships in the markets where we operate and will be
looking for a suitable local partner for the business.”

Jonathan Myers, CEO of PZ Cussons Plc said: “Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership for us both. I want to thank the Wilmar leadership for their support, and our PZW employees for their contribution and great results over the years. PZ Wilmar is in the best possible hands to build further on its market leading position, while PZ Cussons continues to invest in and grow its core business.”

PZ Cussons is a listed consumer goods business headquartered in Manchester, UK. BusinessDay, which visited PZ Wilmar’s Cross River oil palm estate in 2017, can report that the JV has almost 26,500 hectares of palm oil plantations. About 5,549 hectares (ha) of oil palm plantation are located in Calaro Estate, while 2,369 ha are in an area known as Calaro Extension. The firm also acquired Ibiae plantations with 5,595 ha; Ibad plantations in Akampa with 7,805 ha; Kwa Falls in Akampa Akpabuyo with 2,014 ha, and Oban plantations, also in Akampa, with 2,986 ha.