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Wednesday, November 22, 2017.

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Nigerian News » Politics

Portland Paints opens application for N1b rights issue

Portland Paints and Products Nigeria (PPPN) Plc has opened application list for its N1 billion rights issue, paving the way for shareholders of the paints and chemical company to pick up their rights.

PPPN is raising N1.02 billion through a rights issue of 600 million ordinary shares of 50 kobo each at N1.70 per share. The provisional allotment for the rights issue is on the basis of three new ordinary shares for one ordinary share.

The application list will close on Wednesday, March 1, 2017.
Chairman, Portland Paints and Products Nigeria (PPPN) Plc, Mr. Larry Ettah has said the new equity funds would be used to restructure the company’s balance sheet and support its business expansion programme.

“We will apply the planned rights proceeds to minimise the debt exposure risks of our business as well as carry out targeted expansion in our operations. The business will focus on its growth brands as well as make the necessary investment in marketing to improve its brands’ awareness and visibility,” Ettah said.
He said the company had embarked on intensive restructuring of its operations in order to strengthen it against challenges that had negatively impacted its operations.

Ettah explained that PPPN embarked on restructuring as a result of the difficult and challenging economic and business environment.
He however noted that despite the challenges and risks posed by the business environment, the company with its flagship brand Sandtex, will continue to consolidate on the restructuring while seeking growth opportunities to deliver returns to the shareholders.

In June 2013, UAC of Nigeria (UACN) Plc, Nigeria’s largest conglomerate, acquired the majority equity stake of 51 per cent in Portland Paints. Following the acquisition, the board and management of the company were reconstituted. Mr. Larry Ettah, who leads the management at UACN, became the chairman.
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