By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-UAC of Nigeria Plc (UACN) Tuesday said it has acquired 51 percent (51%) stake in Portland Paints $ Products Plc.

The Company has notified The Exchange of the execution of a transaction by which has acquired 204,000,000 ordinary shares of Portland Paints & Products Plc (PPNL) representing 51% equity stake, at an acquisition price per share of N4.47.

According to UACN the transaction was implemented on 28th June 2013 following the Memorandum of Understanding (MoU) executed between it and PPNL on 17th July 2012 and approvals from the Securities & Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).

UACN said its convinced that the acquisition of a controlling interest in Portland Paints & Product Plc will deepen its presence within Nigeria’s decorative paints industry. Portland Paints will also benefit from UACN’s vast experience and operations in the Nigeria’s real estate and building materials sectors.