Merger: NGX delists Portland Paints, CAP shares rise

The Nigerian Exchange Limited has announced the delisting of the shares of Portland Paints and Products Nigeria Plc from its daily official list following the merger with Chemical and Allied Products Plc.

The NGX said in its weekly report that the entire 793,415,535 issued and outstanding shares of Portland Paints were delisted on Friday, in accordance with the terms of the scheme of merger between CAP and Portland Paints.

It recalled that the market was notified on July 1, 2021 of the suspension placed on trading in the shares of Portland Paints as a result of the scheme.

The bourse said, “Trading licence holders and the investing public are hereby notified that the resultant scheme shares of 88,259,520 ordinary shares of 50 kobo each were listed on the Daily Official List of Nigerian Exchange Limited on Friday, 17 September 2021.

“With the listing of the additional 88,259,520 ordinary shares, the total issued and fully paid-up shares of CAP Plc has now increased from 700,000,000 to 788,259,520 ordinary shares of 50 kobo each.”