By InvestAdvocate

Lagos (INVESTADVOCATE)-Paint producer, Portland Paints and Products Nigeria Plc on Tuesday said it has applied to the Nigerian Stock Exchange (NSE) for approval and listing of a rights issue of 600,000,000 ordinary shares of 50 Kobo each at N3.30 per share on the basis of three (3) new ordinary shares for every two (2) ordinary shares held.

The paint maker in an issuer’s announcement to the NSE notified dealing members of this development through its Stockbroker; Stanbic IBTC Stockbrokers Ltd.

The company says the qualification date for the rights issue is today, February 9, 2016.

Shares of Portland Paints at the close of today’s trading on the Nigerian bourse gained 4.43 percent to N3.77 per share from N3.61 per share recorded the previous session.