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The Chief Executive Officer (CEO) of Seplat Petroleum Development Company Plc, Austin Avuru is no longer a direct shareholder of the company as he transferred 904,717 ordinary shares to Professional Support Limited, an entity wholly controlled by him.

In a statement made available to the investing public on the Nigerian Stock Exchange (NSE), the oil and gas company made known that it on Tuesday, September 3, 2019, received a notification of the transaction which took place in London, United Kingdom (UK).

Following the transaction, Avuru, who’s a Person Discharging Managerial Responsibility (PDMR) in the company, now holds nil direct interest and an indirect interest of 71,727,906 ordinary shares of 50 kobo each.

The statement read in part, “The above transaction has not resulted in a change in beneficial ownership, which remains at 12.19 per cent.

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“Professional Support holds 31,068,211 shares (5.28 per cent) and Platform Petroleum holds 40,659,695 shares (6.91 per cent), based on the issued share capital of 588,444,561. 

“Mr Avuru now holds nil direct interest and an indirect interest of 71,727,906 ordinary shares of 50k each of the company.”

Prior to this development, Seplat had disclosed that about 3.5 million units of ordinary shares indirectly held by the company Chairman, Dr. ABC Orjiako, has been sold.

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What you should know: Seplat is an independent oil and natural gas producer in the Niger Delta area of Nigeria. In April 2014, Seplat completed the first-ever dual listing on both the London Stock Exchange (LSE) and the NSE.

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Seplat raised US$535 million in an initial public offering that ranked as the largest for a sub-Saharan Africa company since 2008 and the second-largest ever for a Nigerian company, demonstrating the international investor appetite for leading Nigerian indigenous players in the oil and gas sector.

Seplat Petroleum Development Company Plc is currently trading N397.70 on the NSE.


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