Geregu Power Plc and Fund for Export Development in Africa have begun talks for the acquisition of a portion of the local power generating company.
The first power company firm to be listed made this disclosure on the Nigerian Stock Exchange.
The company’s share has gained about 23 per cent since it was listed on the NGX two months ago.
The power firm is valued at N307 billion with 2.5 billion outstanding shares sold at N122.80 on Friday, according to investors.
Geregu Power was listed at N100 this year and had hit a 52-week high at N130.2. The company has been in the debt capital market to raise funds for expansion and improve working capital.
The company recently raised N40 billion in bonds from the local debt capital market this year.
According to a notification signed by the company’s secretary, Akinleye Olagbende, “Geregu Power Plc (the company) hereby notifies Nigerian Exchange Limited (the Exchange) and the investing public of its discussions with the Fund for Export Development in Africa (FEDA) for the acquisition of a portion of Geregu Power Plc shares.
“FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank).”
It further stated that the discussions were ongoing and when 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.”
SOURCE: PUNCH
