- Additional capital will soon be injected into Forte Oil Plc that will significantly shore up shareholders funds and impact its negative working capital. The Group Managing Director of Forte Oil, Mr. Akin Akinfemiwa, who disclosed this yesterday at the company’s facts behind the figures at the Nigerian Stock Exchange(NSE) in Lagos, said the additional funds will be in form of equity and debt.
“There is an ongoing plans and commitment with potential investors to inject additional capital through debt or equity within the next few weeks.This, we believe, would significantly impact our negative working capital and also shore up our shareholders funds,” he said.
- Akinfemiwa added that the company would also unveil business strategies aimed at boosting the company’s revenue and shareholders’ value in 2015 financial year.
- According to him, the company would improve operating margins and diversify revenue base by focussing on high margin products such as lubricants and expanding the Geregu power plant assets with additional 21 mega watts.
- He explained that the company had concluded arrangement to diversify into the upstream space through profitable acquisition of upstream assets.
- Source: Thisday