Portland Paints Jumps to Month High on UAC Takeover: Lagos MoverEmele Onu
Portland Paints & Products Plc, a Nigerian company that manufactures paints, rose for a fourth day to the highest in a month after UAC of Nigeria Plc said it acquired a majority stake.
The stock advanced 10 percent to 4.95 naira by the close in Lagos, the commercial capital, its highest since June 4, according to data compiled by Bloomberg. UAC acquired 51 percent of Portland Paints, UAC spokesman Mike Asuquo said by phone. A statement will be issued later today, he said.
“The acquisition is expected to boost Portland’s operations,” Raheem Mohammed, the chief executive officer of Lagos-based Kundila Finance Ltd., said in a telephone interview today. Brokers were notified of the deal this morning, he said.
Portland’s profit in the first quarter dropped to 20.1 million naira ($125,359) from 75 million naira a year earlier, the Lagos-based company said on May 2.
No one was immediately available to comment, according to a woman who answered a call made to Portland’s Lagos office. The shares have risen 14 percent this year while the Nigerian Stock Exchange All-Share Index gained 28 percent.
UAC’s stock fell a second day, dropping 0.2 percent to 54 naira. The stock has gained 54 percent in 2013.