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Business News

ABC Orjiako sells 3.5 million units of shares in Seplat

Seplat has disclosed that about 3.5 million units of ordinary shares indirectly held by its Chairman, Dr. A.B.C Orjiako, has been sold.

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Seplat commences $700 million gas plant construction, Vitol Energy transfers 4.63 million shares to Seplat , Seplat, Three more companies announce their closed period ahead of Q3 financial result , Seplat’s 9 months revenue dips by 11.5% according to latest earnings report, Earnings quality undermined by missed output, oil shocks, Firm issues warning over Seplat Petroleum’s acquisition of Eland Oil & Gas 

Seplat Petroleum Development Company Plc has disclosed that about 3.5 million units of ordinary shares indirectly held by the company Chairman, Dr. ABC Orjiako, has been sold.

Seplat made this disclosure in a notification to the Nigerian Stock Exchange (NSE), and the investing public on Monday.

[READ MORE: Seplat directors just got richer with new bonus shares]

The details: The shares were sold at N114.5 price per share which amounted to 3.5 million in volume.

Nature of the transaction: The sold shares were registered in the name of Vitol Energy Limited, held for the benefit of Shebah Petroleum Development Company Limited, which is an entity controlled by Dr. Orjiako and members of his family.

Orjiako’s shares: Following the sale, Dr. Orjiako now holds a direct interest in
16,151,325 ordinary shares and indirect interest in 26,300,000 ordinary shares of Seplat, totalling 42,451,325 shares. This equates to a voting interest of 7.21% (based on Issued Share Capital of 588,444,561).

Prior to this development, Dr. Orjiakor had through his company, Shebah Petroleum Development Company Limited, sold off about 7,636,912 shares to an existing shareholder, Petrolin Trading Limited.

Note that Shebah Limited is the investment vehicle used by Dr. Orjiako and his family for their holdings in Seplat Petroleum.

Deal book 300 x 250

(READ ALSO: Oil firm to bridge gap in Nigeria’s energy sector)

What you should know: Dr. Orjiako has various companies in the upstream, downstream and service sectors of the oil and gas industry.

His companies include Abbeycourt Trading Company Limited, Abbeycourt Energy Services Limited, Zebbra Energy Limited, and Shebah Exploration and Production Company Limited. He also has other business interests in construction, real estate development, pharmaceuticals and shipping.

In 2009, his company, Shebah Exploration Production Company co-founded SEPLAT with Platform Petroleum Limited. Since inception, Dr. Orjiakor has remained the Chairman spearheading new business development and providing leadership on strategy and stakeholder relationships.

Seplat Petroleum Development Company Plc traded N490 in the last trading session of the Nigerian Stock Exchange (NSE).

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

2 Comments

2 Comments

  1. Felix

    August 6, 2019 at 1:25 pm

    114.5p and not N114.5

  2. Ichiban

    August 15, 2019 at 10:40 am

    Please validate the deal price; it should be 114.5p (British pence) not Naira.
    Note your last paragraph mentions the share trading at N490.

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