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By Itohan Abara-Laserian
Lagos, Feb. 9, 2021 Chemicals and Allied Products (CAP) Plc has merged with Portland Paints Plc to benefit from the diversified revenue base, economies of scale and operational efficiencies.
Recall that CAP and Portland Paints – both subsidiaries of UAC of Nigeria – recently secured the approval of shareholders to merge both businesses.
The companies leveraged the Nigerian Stock Exchange’s (NSE) Facts Behind the Merger to engage stakeholders on Tuesday in Lagos and the merger was also commemorated with the NSE’s digital closing gong ceremony.
Speaking at the event, Mr David Wright, CAP Managing Director, said that the business combination would expand products offering as well as revenue base.