UACN acquires 51% stake in Portland Paints

UAC of Nigeria Plc (UACN) has announced the acquisition of 51% equity stake in Portland Paints and Products Plc as part of efforts to increase its presence in key sectors of the economy.

The company, in a notice filed with the Nigerian Stock Exchange, said the acquisition resulted in takeover of 204 million units of shares of Portland Paints at an acquisition price per share of ₦4.47.

UACN stated that the acquisition followed a Memorandum of Understanding signed with the paint manufacturer on July, 2012, while the deal was fully executed on 28th June 2013.