Portland Paints and Products Nigeria Plc has announced plans to transfer all its rights liabilities and business undertakings, including real property and intellectual property to Chemical Allied Products (CAP) Plc.
This followed the approval of the proposed merger plan between CAP Plc and Portland Paints Plc by the Federal High Court, Lagos.
In the statement sent to The Nigeria Stock Exchange (NSE) Tuesday, Portland Paints said upon approval by the shareholders at the court-ordered meeting on February 18, the subjoined resolutions of the merger agreement would be effected.
By the proposed merger’s Scheme of Arrangement, all employees and undertakings rights, powers, and duties of a personal character, which could not generally be assigned or performed vicariously will be transferred to CAP Plc.
The statement read: “The entire share capital of the company shall be cancelled, and the company shall be dissolved without being wound up.”
Portland Paints also revealed plans to transfer all monies in its accounts in banks and with other debtors within and outside Nigeria to CAP Plc.