Wilmar International to Acquire Full Ownership of PZ Wilmar in $70 Million Deal

Wilmar International Limited and PZ Cussons plc announced that Wilmar has agreed to purchase PZ Cussons’ 50% stake in PZ Wilmar Limited for US$70 million in cash. The completion of this transaction is subject to regulatory approvals. Once finalized, Wilmar will own 100% of PZ Wilmar.

Founded in 2010 as a joint venture between PZ Cussons and Wilmar, PZ Wilmar is a leading player in Nigeria’s sustainable palm oil industry. Its popular cooking oil brands, Mamador and Devon King’s, dominate the Nigerian market. The venture also holds minority stakes in two Nigerian palm oil plantations, primarily owned by Wilmar.

Wilmar, listed on the Singapore Exchange, is acquiring the stake from PZ Cussons plc, which is traded on the London Stock Exchange. Notably, PZ Cussons Nigeria plc, a subsidiary of PZ Cussons plc, is not involved in PZ Wilmar’s ownership structure and remains unaffected by this transaction. Following the deal, PZ Wilmar will undergo a rebranding, with details of the new name to be announced later.

The deal is designed to ensure a seamless transition of ownership, with no expected disruption to staff or operations. The process is anticipated to conclude in the last quarter of 2025, pending necessary approvals.

Wilmar’s Chairman and CEO, Mr. Kuok Khoon Hong, expressed appreciation for PZ Cussons’ support over the years, emphasizing confidence in Nigeria’s long-term palm oil prospects. “We see significant growth opportunities given Nigeria’s large and youthful population,” he said. Wilmar aims to expand both upstream plantations and downstream processing in Nigeria and is open to local partnerships to strengthen its presence.

Jonathan Myers, CEO of PZ Cussons plc, highlighted the success of the partnership, stating, “Our joint venture with Wilmar has been a rewarding experience. We thank Wilmar for their support and our employees for their contributions. PZ Wilmar is well-positioned for continued growth, while PZ Cussons remains committed to expanding its core businesses.”