Chemical Allied Products Plc (CAP) has been authorised to receive all the assets, liabilities, product offerings, and property rights of Portland Paints and Products Nigeria Plc.
This was one of the resolutions passed at the court-ordered meeting of the Shareholders of CAP Plc which held on Thursday, February 18, 2021, at Radisson Blu Hotel in Lagos
According to the statement which contains the resolutions made at the court-ordered meeting issued by the Company Secretary, Ayomipo Wey, “Chemical Allied Products Plc “is hereby authorised to enter into a merger, and business consolidation with Portland Paints such that, upon an order of the Court, all assets, liabilities of Portland Paints including but not limited to real property, intellectual property rights, permits, credits, allowances, equipment and machinery, plant, fixtures and fittings, motor vehicles and businesses as at the Effective Date shall be transferred to the Company without further act or deed by the parties”.
