Shareholders of leading paint company CAP Plc, approved a final dividend of N840 million, representing a dividend per share of N1.20, at the annual general meeting at Golden Tulip Festac, on Thursday, June 16, in Lagos.
CAP, which is a subsidiary of UAC Plc, had earlier paid an interim dividend per share of N1.15 on December 15, 2015, bringing total dividend for 2015 business year to N1.645 billion or N2.35 per share.
Following the approval, the board and management of CAP Plc have assured that the company would continue to explore opportunities to grow its business and deliver competitive returns to shareholders in spite of the macroeconomic challenges.
Addressing the shareholders, chairman, CAP Plc, Mr Larry Ettah, said the board and management have worked out mitigating strategies to curtail the adverse impact of macroeconomic challenges on the performance of the company.
He noted that while the largely expansionary fiscal policy of the government will seek to stimulate economic activities and generate employment and thus impact on companies such as CAP, the acute shortage of foreign exchange that started this year could adversely affect corporate performance.
