Portland Paints Opens N1.02b Rights Issue

By Modupe Gbadeyanka

One of the top paint makers in Nigeria, Portland Paints, has opened its N1.02 billion Rights Issue through the sale of 600 million ordinary shares of 50 kobo each at N1.70 per share.

The firm had written to the Nigerian Stock Exchange (NSE) to get its approval to raise N1.02 billion.

The provisional allotment for the rights issue is on the basis of three new ordinary shares for one ordinary share and the application list will close on Wednesday, March 1, 2017.

Speaking on the development, Chairman of Portland Paints and Products Nigeria (PPPN) Plc, Mr Larry Ettah, said “We will apply the planned rights proceeds to minimise the debt exposure risks of our business as well as carry out targeted expansion in our operations.”

He said further that, “The business will focus on its growth brands as well as make the necessary investment in marketing to improve its brands’ awareness and visibility.”