The Board of Directors of Eterna Plc, one of the leading independent oil and gas downstream operators in Nigeria has approved plans by some of its major shareholders to divest or sell their equity holdings in the firm to a new investor.
This is according to a notification, signed by the company’s Secretary, Bunmi Agagu, and sent to the Nigerian Stock Exchange.
As at the time of reporting this, Nairametrics gathered that the company (Eternal Plc) is yet to have full details of the transactions, hence the reason for the anonymous status of the prospective new investor.
Nairametrics understands that the proposed new investor intends to undertake due diligence exercise on the company, as part of the process for the prospective sale/divestment. In lieu of this, the Board has reviewed and approved the request at its meeting held today.
Why it matters: The notification to the Exchange became imperative as part of the statutory guidelines required to effect the transaction.
What you should know
- Nairametrics gathered that Eterna Plc as at its last reported FY 2019 audited statements, have about 26,465 shareholders who hold about 1.3 billion.
- The firm has over 8 institutional investors, out of which only 4 hold more than 5% of the firm’s issued share capital.
- The four institutional investors who hold more than 5% of the issued share capital of Eterna Plc are; Lenux Integrated Resources Limited, Global Energy Engineering and Raw materials Limited, Radix Trustees Limited and Meristem Stockbrokers Limited.