Seplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company, has announced a new shareholder with over 5% equity investment.
The oil firm informed the market that one of its shareholders, Sustainable Capital Africa Alpha Fund, has acquired a direct shareholding of 30,071,128 units based on the issued share capital of 588,444,561 units of shares, giving the company a 5.11% ownership stake in Seplat.
This was disclosed in a notification that was sent to the Nigerian Stock Exchange on June 16, 2020, and signed by the oil firm’s Company Secretary/Chief Governance Compliance Officer, Mrs. Edith Onwuchekwa, and also made available to the investing public.
Here is an excerpt from the press release seen by Nairametrics.
In the notification that was sent to the NSE, Seplat stated, ‘’The company received notification that a shareholder on the London platform, in the name of Sustainable Capital Africa Alpha Fund, dealt in shares and now holds a direct interest of 30,071,128 units of shares (5.11%) based on the issued share capital of 588,444,561 units of shares.’’
‘’In line with the company’s commitment to updating the Exchange of its activities, we hereby notify the Exchange that the shareholder has now attained and crossed the threshold of 5% and above. Further details of the transaction are set out in the attached standard form for notification of major holdings (TR-1).’’
READ MORE: NSE promotes Digitisation of Governance, Risk Management & Compliance with launch of SentryGRC
The statement from the oil company also noted that this notification is made in accordance with Rule 12 of the amendments to the listing rule of the Nigerian Stock Exchange and Article 19 of the EU Market Abuse Regulations.
The acquisition by Sustainable Capital Africa Alpha Fund now takes it to number 5 on the largest shareholders list. The top 4 are, MPI – 20.3%, Petrolin 13.69%, Allan Gray -6.84%, and Professional Support 6.62%.
During the week, Nairametrics reported an announcement from Seplat that it was transferring its OMLs 4, 38 from Seplat Plc to Seplat West Limited a subsidiary company. This basically turns Seplat into a holding company.
