Wilmar To Buy PZ Cussons’ 50% Stake In PZ Wilmar For $70M

Wilmar International will buy PZ Cussons’ 50% share in their Nigerian joint venture, PZ Wilmar, for $70 million—taking full control once regulatory approvals are secured.

PZ Cussons plc and Wilmar International Limited have announced that Wilmar will buy PZ Cussons’ 50% ownership in PZ Wilmar Limited for $70 million. This means Wilmar will become the full owner of the company, holding 100% of the shares.

The deal is not yet final. It still needs to be approved by the authorities. If everything goes as planned, the transaction will be completed in the last quarter of 2025.

Once the deal is done, the name of PZ Wilmar will be changed. The companies said they will announce the new name later. They also explained that this change of ownership should not cause any major effect on employees or day-to-day operations.

The two companies believe the deal will make the transition smooth, as both have worked together since the joint venture was formed in 2010.

Speaking about the deal, Wilmar’s Chairman and CEO, Mr. Kuok Khoon Hong, said:
“We would like to thank PZ Cussons for their cooperation and support since the inception of this joint venture in 2010, which has contributed to its success and leading market position in Nigeria.”

He added that:
“Wilmar is acquiring PZ Cussons plc’s 50% 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 also said Nigeria’s population offers great chances for growth in food and nutrition.
“The Nigerian market’s strong demographics, with more than 200 million consumers, offer a significant opportunity for growth in food and nutrition. 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, he made it clear that Wilmar values working with locals.
“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, the CEO of PZ Cussons plc, also shared his thoughts. He said the partnership with Wilmar has been valuable over the years.
He thanked Wilmar’s leadership for their support and also thanked the staff at PZ Wilmar for their hard work and good results.

PZ Wilmar was created in 2010 as a joint venture between PZ Cussons and Wilmar. It has become one of Nigeria’s biggest businesses in sustainable palm oil. The company also owns small shares in two Nigerian palm oil plantations. These plantations are mostly owned by Wilmar.

Wilmar is listed on the Singapore Exchange, while PZ Cussons plc is listed on the London Stock Exchange. PZ Cussons Nigeria plc, a local subsidiary, is not a shareholder in PZ Wilmar. Its business operations will not be affected by this deal.

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