Port Harcourt-based Agribusiness company, Ellah Lakes Plc, yesterday informed the Nigerian Stock Exchange and the investing public of its recent acquisition of Telluria Limited. According to the company, the acquisition was made in furtherance of the diversification of its business.
In a press release first published on the NSE website and obtained by Nairametrics, Ellah Lakes Plc mentioned that it acquired a hundred percent stake at Telluria Limited having complied with the necessary rules under the approval of the Nigerian Stock Exchange.
Ellah Lake’s Objective: According to the company, its primary objective of the acquisition is to strengthen Company’s balance sheet, restore customer confidence, provide access to new markets, improve operations and create organizational efficiencies
that will drive profitability and increase shareholders’ value.
“Ellah Lakes Plc (“Ellah Lakes” or “the Company”) today announced the acquisition of 100% equity stake in Telluria Limited (“Telluria”), effective May 7th, 2019. Having complied with all the necessary regulatory requirements, the acquisition was approved by the Nigerian Stock Exchange and by the Securities and Exchange Commission.
“The primary objective of the acquisition is to strengthen Company’s balance sheet, restore customer confidence, provide access to new markets, improve operations and create organizational efficiencies that will drive profitability and increase shareholders’ value.”
Previous Development: The latest confirmation follows the company’s public confirmation of the appointment of Chuka Mordi as its Chief Executive Officer. As a previous Nairametrics report noted, Mordi’s takeover as CEO months ago was shrouded in secrecy and confusion. This is because his appointment was not made public as it should, even though he was performing the roles of CEO.
Our earlier report also speculated that Mordi, who until recently was a Director at Tulleria Limited, joined Ellah Lakes Plc as part of the acquisition agreement. He replaced Frank Ellah who, until recently, was the Chief Executive Officer.
It is important to note that the value of the acquisition was not publicly disclosed.
Ellah Lake Plc‘s share price traded at N4.26 during the last trading day of the week on the Nigerian Stock Exchange.