Friday, 30 August 2019

FORTE OIL SURRENDERS ADDITIONAL 0.04 % STAKE TO IGNITE INVESTMENTS & COMMODITIES

femi otedola ignite investments
Ignite Investments and Commodities Limited has disclosed plans to acquire additional 0.04% shareholding in Forte Oil Plc.

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In a statement, Forte Oil said that Ignite Investments expressed its intention to undertake a takeover offer of up to 500,000 ordinary shares, representing a 0.04 per cent equity stake.

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It can be recalled that Forte Oil, on December 24, 2018, announced the divestment by its majority shareholder, Femi Otedola, who said he had reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 74.02 per cent direct and indirect stake in the company’s downstream business.

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By the acquisition of a further 0.04 per cent stake, Ignite Investments’ total stake in Forte Oil stands at 74.06 per cent.

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The statement said the additional purchase of shares in Forte Oil by Ignite Investments was done at the rate of N66.25, thus bringing the total consideration paid to N33.13m.

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