Geregu majority shareholder offloads one million shares

Date:

the majority shareholder of Geregu Power Plc, a leading player in the energy sector, has offloaded one million shares in the company, raising questions about the motivations behind the significant divestment.

According to a corporate notice filed with the Nigerian Exchange Limited on Wednesday, the transaction took place on Monday.

The one million units of Geregu power shares were exchanged at N399 per unit, amounting to about N399m.

The deal comes a few weeks after N1.89bn worth of the firm’s shares were exchanged in another cross-deal. The other party to the deal was not named.

On October 31, 4.8 million units of the power generation company were traded at N395 per unit in a deal, involving the majority shareholder, Amperion Power Distribution Company Limited.

Amperion Power, a subsidiary of Forte Oil, owned by billionaire businessman, Femi Otedola, acquired Geregu in 2013.

It was listed on the NGX in 2022, making history as the first power company to do so.

As of June 30, Amperion Power held 2.06 million shares in  Geregu, amounting to 82.45 per cent of the total shares.

Geregu Power Plc, a major player in the power generation industry, has been a key contributor to the nation’s energy infrastructure. The company’s performance has been closely monitored by investors, making any major shareholder actions a matter of significant interest.

Market insiders speculate on several possible reasons for the share sale. Some believe it could be a strategic move to capitalize on the current market conditions, potentially unlocking value for the shareholder. Others suggest that the shareholder might be reallocating their investments to take advantage of opportunities in other sectors or industries.

Source: The Punch

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

Latest Updates

More like this
Related

W.African bloc lifts sanctions against Guinea, Mali

West Africa's regional bloc ECOWAS said Sunday it was...

FG eyes 1,268MW from new eight power plants

The Federal Government is expecting 1,268 megawatts of power...

45,000km longest subsea cable lands in Nigeria

To broaden Nigeria’s Internet ecosystem, Bayobab, a pan-African digital...

Banks sell $172m as CBN, EFCC battle currency speculators

Experts fault NAFEM intra-day rates, demand full...
bitcoin
Bitcoin (BTC) $ 56,963.26 4.80%
ethereum
Ethereum (ETH) $ 3,246.81 2.57%
tether
Tether (USDT) $ 1.00 0.27%
bnb
BNB (BNB) $ 395.16 1.04%
solana
Solana (SOL) $ 108.20 1.28%
xrp
XRP (XRP) $ 0.58589 6.51%
staked-ether
Lido Staked Ether (STETH) $ 3,245.76 2.67%
usd-coin
USDC (USDC) $ 0.999583 0.15%
cardano
Cardano (ADA) $ 0.625619 1.56%
avalanche-2
Avalanche (AVAX) $ 39.19 0.61%