UAC of Nigeria Plc (UACN) and Chemical and Allied Products Plc (CAP), have refuted the alleged media report on the potential acquisition by UAC of shares held by the minority shareholders in CAP, and a subsequent delisting of CAP from the Nigerian Exchange Limited NGX.
Both UAC and CAP in a separate statement to the NGX noted that they are not pursuing these actions.
Instead, they emphasized their commitment to business growth, delivering value to stakeholders, and contributing to the Nigerian economy.
The statement read:
Chemical and Allied Products (CAP) Plc and Portland Paints and Products Nigeria (PPPN) Plc, both subsidiaries of UACN merged three years following shareholders’ approval.
Information from the financial statement of CAP reveal its parent company, UACN owns about 57.85% of its entire shareholdings. No other shareholder owns up to 5% of the company.
CAP reported N23.9 billion in revenue for the financial year ended December 31, 2023 according to its audited financial result submitted to the Nigerian Exchange Limited.
CAP Plc is up 48% YTD ahead of the NGX All Share Index making it one of the best performing stocks on the exchange.
