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CAP Plc Plans to Merge With Portland Paints
CAP Plc Plans to Merge With Portland Paints

The Management of Portland paints Plc and CAP Plc, subject to the receipt of relevant regulatory and corporate approvals, have agreed to merge both entities, with CAP being the resulting entity. According to the Management of both companies, the proposed merger is a strategic decision to drive growth and expansion within the Nigerian and African markets. Also, CAP and Portland Paints play in distinct segments, and the enlarged CAP will have a broader portfolio covering the premium decorative segment, the mid-market decorative segments as well as the industrial segment (in particular marine and protective coatings). CAP is therefore proposing to shareholders of Portland paints the choice to either receive NGN2.90 cash for every Portland share held OR 1 new ordinary share of CAP for every 8 Portland paints shares held.

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