Portland Paints and Products Nigeria PLC (PPPNP), a Subsidiary of UAC of Nigeria Plc has made known intentions to raise capital in its effort to fast track growth.
Speaking at the 2015 Annual General Meeting in Lagos, the Chairman of the company, Larry Ettah, stated that the company has experienced unprecedented challenges during the year under review, occasioned by some macro-economic concerns, while assuring shareholders that the company is currently restructuring its operations.
“But during the year under review, we commenced a process of restructuring the business focusing on internal efficiencies and reviewing our route to market model in a bid to ensure that we build a sustainable future for the business”.
Commenting on the planned capital raise by the company, Ettah said: “We will apply the planned rights proceeds to minimize the debt exposure risks of our business as well as carry out targeted expansion in our operations. The business will focus on its growth brands as well as make the necessary investment in marketing to improve its brands’ awareness and visibility.”