By Chinwendu Obienyi
Chemical Allied Products Plc (CAP) manufactures of Dulux paints and industrial products has added another feather to its cap by emerging the best performing stock industrial goods building material chemicals and paints and the most profitable company industrial goods, building materials chemicals and paints at the Businessday Nigerian investor value awards (NIVA) held in Lagos recently.
The award ceremony held at the Lagos Continental hotels, Victoria Island, Lagos attracted top CEOs, top decision-makers in the financial services sector and a host of other distinguished personalities in Nigeria.
Responding while receiving the award CAP Plc’s CEO, David Wright thanked the organizers of the award for finding CAP Plc worthy of the honour.
In his words, “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,”
CAP Plc reported a N14 billion market capitalization as at February 1st, 2021 and its growth trajectory looks ever so promising. Its announcement of the proposed merger with Portland Paints and Products Nigeria Plc, another top tier player in the Paints industry, in the fourth quarter of 2020 has also boosted investor confidence in the company.
The merger which is expected to be concluded in the second quarter of 2021, is subject to receiving final regulatory approvals and this milestone is undoubtedly a landmark one in the Nigeria Paint & Industrial sub-sector of the manufacturing industry.