Eterna substantial shareholders conclude divestment
Substantial shareholders in Eterna Plc have finalized their divestment from the company, collectively selling a total of 794,969,774 units of their equity holdings to a new investor-Preline Limited.
Recall that earlier in August this year, some substantial shareholders of Eterna Plc, namely; Lenux Integrated Resources Limited, Global Energy & Raw Materials Limited, Meristem Wealth Management Limited, Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited and Cardinalstone Partners Limited, had formally informed the Board of their collective decision to divest from the company. The aforementioned shareholders entered into a Sale and Purchase Agreement (SPA) with Preline Limited for the sale of 796,960,774 ordinary shares in the company.
Consequently, the firm announced that it has received regulatory approval from FCCPC, SEC and NGX to proceed with the deal, thereby conferring on Preline Limited the status of being the largest and majority shareholder in the company with a stake of 60.98%.
Confirming the recent development, the firm in a recent notice signed by its secretary, Bunmi Agagu and filed with the Nigerian Exchange Limited (NGX), stated that: “We are pleased to announce to the general public; that following the granting of ‘the authority to proceed’ by FCCPC, SEC and NGX and the fulfillment of all other regulatory requirements; Preline Limited has completed the acquisition of 794,969,774 (Seven Hundred and Ninety-Four Million, Nine Hundred and Sixty-Nine Thousand Seven Hundred and Seventy-Four) ordinary shares of the Company representing 60.98% in the Company, thus making it the largest and majority shareholder in the Company.”
It is pertinent to note that disclosure is in line with the regulatory guidelines and corporate responsibility of the firm to its stakeholders.
It is imperative to note that Preline Limited is an investment vehicle of Rainoil Limited. In this light, the acquisition will allow RainOil Limited to further scale up its business and increase its footprints across Nigeria.
Eterna currently trading N7.77 per share on the floor of the Nigerian Exchange Limited (NGX).
