TheCable

The United Africa Company of Nigeria (UACN) says it has no plan to acquire shares of minority investors in Chemical and Allied Products Plc (CAP).

In separate statements on Monday, the UACN and CAP denied media reports on the potential acquisition of shares held by minority shareholders.

Both companies said the reports claimed that CAP would be delisted from the Nigerian Exchange Limited (NGX), also known as the stock market, after the acquisition.

The UACN and CAP said they are not presently pursuing an acquisition.

The companies said they are committed to growing their respective businesses, delivering value to stakeholders and contributing broadly to the Nigerian economy.

The UACN is a majority shareholder in CAP.

The firm holds a 57.85 percent stake or 471,34 million shares in CAP — which is valued at N14.61 billion as of Monday’s trading price of N31 per share.

Folasope Aiyesimoju, the group managing director of UACN, indirectly controls the shares of the company in CAP.

In October 2020, CAP merged with Portland Paints and Products Nigeria, another subsidiary of the UACN.

This led to Portland Paints delisting from the stock market in 2021.

CAP’s capital market value as of Monday is N25.25 billion.