By InvestAdvocate

Lagos (INVESTADVOCATE)-Soap and detergent maker, PZ Cussons Nigeria Plc said on Wednesday, its shareholders has approved merger of its three (3) firms, a Proshare report quoted cardinal Stone Research.

“Shareholders of PZ Cussons Nigeria Plc, PZ Towers Limited and PZ Power Company Limited approved the merger of the three entities.  The approval was given at an Extraordinary General Meeting (EGM) by the shareholders,” the report said.

It said the subsumed companies in the new arrangement – PZ Tower Limited and PZ Power Company Limited were incorporated in 2005 and 2009 respectively for the manufacture and sale of detergent to PZ Cussons Nigeria Plc and for energy generation and distribution to PZ and its related companies.

Shares of PZ at the close of today’s trading on the Nigerian bourse grew 0.52 percent to N25.00 from N24.87 traded the previous session; indicating a growth of 0.13 kobo per share.