 |
| Femi Otedola |
Forte
Oil Plc had disclosed on
December 24, 2018, the divestment by its majority shareholder, with Femi Otedola
saying he had reached an agreement with the Prudent Energy team, investing
through Ignite Investments and
Commodities Limited, to divest of his full 75 per cent direct and indirect
shareholding in the company’s downstream business.
Otedola, on his verified Instagram
handle on Wednesday, said he had exited the downstream and upstream sub-sectors
of the oil and gas industry but he did not disclose the buyer of his stakes in
the upstream business.
According to Otedola, “A few years ago, my team and I embarked on an arduous task
of transforming a moribund petroleum marketing business, African Petroleum Plc
(formerly British Petroleum) into Forte Oil Plc – a leading integrated
solutions provider with solid footprints in downstream petroleum marketing,
upstream services and power generation and one in which we built intrinsic
value to the benefits of our shareholders.
“In line with my principle of
business focus, we have divested from our marketing and upstream businesses and
shall from now on focus and consolidate on the gains of our power generation
business, Geregu Power Plc. We wish our successors the very best and urge them
to build on our legacies, which have been established since 1964.”
The divestment comes more than three
years after the firm sold 17 per cent of its equity to a Swiss oil trading
firm. Forte Oil emerged the biggest gainer at the end of trading on the NSE on
Wednesday as its share price rose by 10 per cent to close at N34.65.
In October 2015, the firm announced
that the Mercuria Energy Group Holdings
had acquired 17 per cent of its equity, valued at $200m. (Punch)
No comments:
Post a Comment