Geregu Power Plc shares soar as institutional investors snap up 40m units of stock

Geregu Power Plc has witnessed a robust trading period, according to its latest corporate disclosure on insider dealing.

In a display of market confidence, the company revealed a majority shareholder has completed a series of share sales totaling 40 million units in a deal worth over N14.5 billion.

This significant activity occurred between December 21st and 27th, as institutional investors eagerly purchased the shares.

According to the information contained in the company’s insider dealing press release a total of 5 million units, 18, 222,500 units, and 16, 777, 5000 units at N360.3, N360.2, and N370 per share were sold respectively.

The total value of the shares sold amounts to a whopping N14.5 billion averaging N364.32 share price. Geregu Shares currently trade at N399 per share and are close to hitting the N1 trillion market capitalisation.

The company revealed that Amperion Power Distribution a majority shareholder of the company sold the shares in a “crossed deal” done across three trading days.

Market sources however suggest billionaire, Femi Otedola is the likely seller of the shares. Otedola is the majority shareholder of Amperion Power.

The billionaire has been selling down shares to institutional investors in a sign that indicates the attraction the stock has continued to garner.

Such enthusiasm is a strong indicator of the market’s confidence in Geregu Power.

Since its listing on the exchange at N100 per share, Geregu Power has seen exceptional growth in valuation, now trading at approximately N399 per share.

The company’s stock performance is outstanding, with a 167% return, positioning it as one of the stellar performers on the exchange.