Geregu Power Plc said the Fund for Export Development in Africa (FEDA) has expressed interest in acquiring a portion of its shares and that discussions are ongoing.
This was disclosed in a statement signed by the Company Secretary Akinleye Olagbende and sent to the Nigerian Exchange.
Nairametrics understands that FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank).
Ongoing discussions: The brief statement by the company said talks are ongoing regarding the proposed acquisition by FEDA and that the outcome of the discussions would be communicated in due course.
- “The discussions are currently ongoing and where these talks progress to a more advanced stage, the Company will notify the Exchange and the investing public in line with the rules of the Exchange”.
Recent listing on NGX: Recall that Geregu Power Plc recently listed on the Main Board of the Nigerian Exchange Limited (NGX) by way of introduction.
A total of 2.5 billion ordinary shares of Geregu were listed at N100 per share, under the Utility sector and Electric Power Generation sub-sector of NGX, with the trading symbol, GEREGU. The listing added N250 billion to the market capitalization of Exchange.
About the company: Geregu Power, a leading power generation company (GenCo) in Nigeria, is the first GenCo to be listed on the NGX Main Board, a listing segment for well-established companies with demonstrable records of accomplishments. The listing of Geregu’s shares has added N250,000,000,000 to the market capitalization of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.