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.
READ MORE: Ellah Lakes shareholders fund leaps from N497.8 million to N4.5 billion
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.
READ MORE: Bitcoin robbers move 3503 BTC worth $38.5 million
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.
Download the Nairametrics News App
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.
