News : Portland Paints Open Rights Issue of 600 Million Ordinary Shares

January 27, 2017

Portland Paints and Products Nigeria Plc has opened Rights Issue of  600,000,000  Ordinary Shares of 50 kobo each at  N 1.70 per Share, on the basis of three (3) new Ordinary Shares for every two (2) Ordinary Shares held as at the close of business on February 9, 2016. 

Chairman of the company, Mr Larry Ettah confirmed that the shares being issued have been registered with the Securities & Exchange Commission and listing approval has been granted by The Nigerian Stock Exchange. He explained that the shares will rank pari passu in all respects with the existing issued shares of the Company. They are also tradable on the floor of The Nigerian Stock Exchange for the duration of the Issue. 

The offer which opened on January 23, 2017 is slated to close on March 1, 2017. To read the offer prospectus which also contains the Rights Acceptance/Renunciation form, please click here.

January 27, 2017

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