A new majority shareholder is on course for a buyout of more than three-fifths of the shares of Eterna Plc, after entering a pact with seven substantial shareholders in the oil marketer to acquire their combined stakes, the company said Wednesday.
Lenux Integrated Resources Limited, Global Energy & Raw Materials Limited, Meristem Wealth Management Limited, Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited and Cardinalstone Partners Limited informed the Eterna board in December they were holding talks to divest their holdings in the company to a new investor.
The deal will transfer 794,969,774 shares translating to 60.98 per cent stake in the company to Preline Limited at consummation, according to a note to the Nigerian Exchange Limited seen by PREMIUM TIMES.
“A formal application with further details will be filed with the Securities and Exchange Commission (SEC) for an “authority to proceed” with the transaction by the transacting parties,” the document said.
Shares in Eterna were quoted at N6.20 per unit in Lagos at 12:10 WAT on Wednesday, trading up 10 per cent (the maximum daily movement allowed by the bourse) following the news.
Eterna, which reported N38 billion in revenue and a bottom-line of N310.6 million at midyear, wants sales to reach N53.8 billion and profit N303.8 million this quarter. The stock has returned 226 per cent in the last one year.
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