UAC of Nigeria Plc completed the acquisition of 51% stake in Portland Paints and Products Nigeria Plc for approximately NGN 910 million.
UAC of Nigeria Plc (NGSE:UACN) completed the acquisition of 51% stake in Portland Paints and Products Nigeria Plc (NGSE:PORTPAINT) for approximately NGN 910 million on June 28, 2013. Under the terms, 204 million shares were acquired for NGN 4.47 each. The deal was approved by Securities and Exchange Commission, The Nigerian Stock Exchange and the shareholders of UAC of Nigeria Plc and Portland Paints and Products Nigeria Plc in a separate court-ordered meeting.