Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

UAC of Nigeria Acquires 51% Stake in Portland Paints & Products

UAC of Nigeria Plc, an investor in foods, logistics and real-estate services, agreed to acquire 51 percent of Portland Paints & Products Nigeria Plc.

The deal has been approved by authorities, Mike Asuquo, a spokesman for Lagos-based UAC, said by telephone today. No one was immediately available to comment at Portland, which is also based in Nigeria’s commercial capital.

“The acquisition provides UAC with the opportunity to diversify its paints revenues by gaining entry into the mid-tier decorative and marine paints market where Portland Paints has a leading position,” Larry Ettah, chief executive officer of UAC, said in an e-mailed statement.

UAC said May 2 that net income for the year through December jumped to 7.1 billion naira ($44.3 million) from 3.9 billion naira a year earlier. Portland’s profit in the first quarter dropped to 20.1 million naira from 75 million naira a year earlier, the company said on May 2.

UAC’s stock fell a second day, dropping 0.2 percent to 54 naira. The shares have gained 54 percent this year. Portland Paints rose a fourth day, advancing 10 percent to 4.95 naira, its highest since June 4.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.