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CAP Plc announces date of Board Meeting

To commence closed period for Q3 Results

Monday, 28 September 2020, 5:17 pm
in Business, Companies
0
CAP Plc reports 30% decline in Profit after Tax for H1 2020, 59% decline in Q2
Share Share Share Share Send as Email

The Board of Chemical and Allied Products Plc (NSE Ticker: CAP) will meet in Lagos on Monday October 19, 2020. They will consider the Company’s unaudited financial results, for the period ended September 30, 2020 and other things.

  • Read also; Market Spotlight: Price adjustment of BUA Cement Plc
  • Nigerian Stock Exchange Weekly Report: Investors gain N390 billion as Index advance by 2.92%

The closed period for trading in the shares of the company will commence on October 2, 2020 in respect of the Q3 Results.

According to Rule 17.17 of the Nigerian Stock Exchange Rule Book, “no Director, person discharging managerial responsibility and Adviser of the Issuer and their connected persons shall deal in the securities of the Issuer when the trading window is closed. Any period during which trading is restricted shall be termed as a closed period.”

Rule 17:18 (b) mandates all issuers to notify The Exchange in advance of the commencement of each closed period.

CAP’s closed period will continue until 24 hours after the release of the Q3 Results to the NSE and the general public.

About the company

Chemical and Allied Products Plc (CAP Plc), is a technological licensee of Akzo Nobel Coatings International B.V. (“Akzo Nobel”).

CAP Plc evolved from the world-renowned British multinational Imperial Chemical Industries Plc (ICI), which formalized its Nigerian operations in 1957 under ICI Exports Limited. In 1965, ICI Exports Limited changed its name to ICI Nigeria Limited and in 1968 it was subsumed by ICI Paints Limited.

ICI was acquired in 2008 by Akzo Nobel. ICI changed its name to Chemical and Allied Products Limited (CAPL). In the spirit of indigenization and in 1991, CAP Plc became a public company.

In 1992, ICI Nigeria Limited relinquished its 40% shareholding in CAP PLC when it sold 35.7% of its equity to UAC of Nigeria PLC and the rest to the Nigerian public.

Currently, UAC of Nigeria Plc holds 51.49% of the Company’s shares, as a result making it a subsidiary of UACN.

CAP Plc plays within the premium and standard segments of the Paints and Coatings market with Dulux and Caplux respectively. The address of the registered office is 2 Adeniyi Jones Avenue, Ikeja Lagos.

The Company has 700,000,000 outstanding shares and a corresponding market capitalization of N11.900 billion, with share price at N17.00.

CAP reported a N3.488 billion revenue for the first half of the year, 11% lower than the preceding year. Subsequently, its profit for the half year declined by 30%, to N607.327.

In anticipation of the impact of COVID-19, the Board recommended a suspension of dividend for the 2019 financial year. As a result, CAP did not pay dividend to shareholders in 2020.

Investogist considers CAP as one of the fundamentally strong stocks on the market, hence, puts a BUY rating on it. The company will emerge from the economic crisis of 2020, return to higher profit levels, and resume dividend payment.

Written by;

Nnamdi M.

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