African Paints Set For Revival

The management of African Paints Nigeria Plc has said the entry of Charing Management Limited into African Paints would mark a major point in the company’s drive to reverse the business to profitability. They say the company’s inability to meet its financial obligations has impaired its access to working capital and weighed down its fortunes.
The chairman of the company, Chief Gbenga Akinnawo, who expressed this optimism at its 32nd Annual General Meeting, explained that the coming in of the core investors is an absolute sign of confidence in the viability of the business and the decision would assuredly enable the company to restore capacity utilization, sales and earnings.
Akinnawo said that talks with the core investors is well advanced and would be concluded within a few weeks. He pointed out the core investor would enhance shareholder’s value while stressing that benefit to shareholders would be long-term, medium-term as well as short-term.
He also assured the shareholders that the company is entering a phase of reinvigoration and renewed development for the business.