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The proposed merger between Chemical and Allied Products (CAP) Plc and Portlands Paints and Products Nigeria Plc is expected to be completed in the first quarter of 2021. This was confirmed by the Managing Director of CAP Plc, Mr David Wright, when he was commenting on the financial performance of his firm in the 2020 fiscal year. In a statement issued by the Head of Corporate Affairs and Communications at CAP Plc, Ms Chinwe Okpala, the MD expressed confidence that the final regulatory approval would be secured by that time. “We announced the proposed merger between CAP and Portland Paints and Products Nigeria Plc in the fourth quarter of 2020. ....
Punch Newspapers Sections Nike Johnson Okafor Nigerian stocks on Thursday sustained its positive outlook as the overall performance measures, NSE ASI and market capitalisation, rose further by 0.56 per cent each. Market watchers attributed the development to renewed confidence as bargain hunters continue to leverage on undervalued stocks. The market breath however closed positive as the number of gainers at the close of trading session was 28 while decliners closed at 22. Consequently, the All-Share Index gained 238.65 basis points or 0.56 per cent to close at 42,169.41 index points as against 41,930.73 recorded the previous day while the market capitalisation of equities appreciated by N125bn to close at N21.934tn from N21.93tn as market sentiment remained on the green zone. ....
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Portland Paints and Products Nigeria Plc on Tuesday announced plans to transfer all its rights liabilities and business undertakings, including real property and intellectual property to Chemical Allied Products (CAP) Plc. This followed the approval of the proposed merger plan between CAP Plc and Portland Paints Plc by the Federal High Court, Lagos. In a statement sent to Nigeria Stocks Exchange on Tuesday, Portland paints said upon approval by the shareholders at the court-ordered meeting on February 18, the subjoined resolutions of the merger agreement would be effected. In the arrangement, all employees and undertakings rights, powers, and duties of a personal character, which could not generally be assigned or performed vicariously will be transferred to CAP Plc. ....
Goddy Egene The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose further by 1.10 per cent to close at 34,225.22 as the market sustained its positive momentum yesterday. The market capitalisation gained N199.5 billion to close at N18.4 trillion. The bulls had returned to the market on Monday with a gain of 1.73 per cent after losing out the bears the previous week due to profit taking. However, the gains were sustained yesterday as 28 stocks appreciated compared with 14 stocks that depreciated. LASACO Assurance Plc led the price gainers with 10 per cent while AXA Mansard Insurance Plc gained 9.3 per cent to occupy the second position. FTN Cocoa Processors Plc and Japaul Gold garnered 8.3 per cent and 8.0 per cent respectively. ....