Ellah Lakes Plc has announced to the general public and investors that it has entered into exclusive discussions with a counterparty regarding a potential transaction between the two parties.
The potential transaction which was seen by Nairametrics via a notification to the Nigerian Stock Exchange, relates to the purchase of 100% of the shares of an oil palm processing Company with substantial assets in Delta State.
Ellah Lakes Plc. in addition disclosed that a binding term sheet has been agreed, however, the completion of the proposed deal was subject to regulatory approvals and execution of a definitive agreement.
The N8.5 billion naira valued agro-company, several months ago began the re-financing process to enable it focus on its operational targets.
Chief Executive Officer, Ellah Lakes, Chuka Mordi disclosed that the company had experienced positive synergy following the acquisition of Telluria Limited in Q2 2019.
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Ellah Lakes began its journey in 1980 and built one of the largest fish farms in Nigeria. Through the acquisition of Telluria Farms in May 2019, the company transformed into a vertically integrated oil palm company.