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