By Aduragbemi Omiyale
The performance of Chemical Allied Products (CAP) Plc on the trading floor of the Nigerian Exchange (NGX) Limited has attracted the attention of notable awards organisers.
At the Nigerian Investor Value Awards (NIVA) organised by BusinessDay and held at the Lagos Continental Hotels, Victoria Island, Lagos, on Saturday, April 24, 2021, the manufactures of Dulux paints and industrial products emerged as the Best-performing Stock in the industrial goods sector as well as the Most Profitable Company in the same sector.
CAP Plc, which closed on Friday, April 30, 2021, with a market capitalisation of N15.5 billion, is one stock at the market with a promising growth trajectory.
This has specifically been buoyed by the announcement of its proposed merger with Portland Paints and Products Nigeria Plc, another top tier player in the paints industry in the country.
The deal, which was announced to the investing community in the fourth quarter of 2020 and has also boosted investor confidence in the company, is expected to be concluded in the second quarter of 2021, subject to receiving final regulatory approvals.
Many observers and analysts in the capital market have described this transaction as a milestone and undoubtedly a landmark in the Nigeria decorative and industrial subsector of the manufacturing industry.
While receiving the awards at the ceremony, which attracted top CEOs, decision-makers in the financial services sector and a host of other distinguished personalities in Nigeria, the CEO of CAP Plc, Mr David Wright, thanked the organisers for finding the organisation worthy of the honour.
“This award is a call for continuous improvement. It lays credence to our overall efforts devoted to enhancing business operating models and a boost to CAP Plc persistent pledge to delivering on market efficiency edges.
“I would like to express my deep gratitude to our regulator, the Securities and Exchange Commission as well and the board of directors of CAP for their meticulous oversight and for ensuring sound governance, which I believe is essential to every corporate’s sustainability and long-term value creation,” Mr Wright said.
The NIVA, formerly known as the Top 25 CEOs & Next Bulls Awards, celebrates CEOs of public companies who have created sustainable alpha-generating value through strategic intelligence, operating efficiencies, market leadership and organisational values.
Since the first edition held in 2014, the annual awards have served as a capital markets bellwether used in identifying the best performing chief executive officers and stocks on the Nigerian Stock Exchange as well as leading privately-held companies.