Plan by UK’s PZ Cussons to Resolve Nigeria Loan Is Voted Down
Carex liquid soap produced by PZ Cussons.
Photographer: Matthew Lloyd/Bloomberg
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Shareholders in the Nigerian business of soap maker PZ Cussons have rejected a proposal by the parent to convert a loan into shares.
The parent company had proposed conversion of the inter company loan into equity to reduce exposure to foreign exchange volatility and free up future cashflow for investment.