The Board of Directors of Portland Paints and Products Nigeria Plc has announced that it will meet to consider the closed period of trading with effect from September 30, 2019, in respect of the company’s third-quarter financial statements.
This was disclosed in a notification which was sent to the Nigerian Stock Exchange (NSE).
Why this matters: The close period will allow the board to consider the company’s unaudited financial statements for the third quarter. Other company issues will also be discussed during the meetings.
What is a closed period?
A close period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.
In June 2019, Portland Paints & Products Nigeria Plc appointed Mrs Bolarin Okunowo as a Non-Executive Director. Bolarin’s appointment followed Mrs Esosa Vanessa Balogun appointment as a Non-Executive Director in April 2019.
Overview of Portland Paints and Products Nigeria Plc: Portland Paints and Products Nigeria Plc manufactures and sells paints. It operates through three segments: Portland Decorative Paints, Portland Marine, and Portland Bathroom.
The company offers decorative paints, including the Sandtex paints, Sandtex Biocote, an anti-microbial paint primarily for hospitals, clinics, primary health centres, laboratories, hotels, restaurants, colleges, universities and polytechnics, crèche and daycare centres, and kitchen, and Crown Trade professional coatings.
It also provides Hempel marine/protective coatings for the oil and gas, power generation, infrastructure, and light industries; markets and distributes sanitary ware products primarily for homes, hotel, schools, factories, etc. The company also manufactures and markets instant road repair materials. The company was incorporated in 1985 and is headquartered in Lagos, Nigeria.