Portland Paints and Products has received listing approval by the Nigerian Stock Exchange to 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 also been registered with the Securities & Exchange Commission. 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.