Preline Limited acquires 60.98% stake in Eterna

By Kayode Tokede

Eterna Plc on the Nigerian Exchange Limited (NGX) on Wednesday announced that Preline Limited has acquired 60.98 per cent stake.

The Company Secretary/ Legal adviser,  Eterna, Bunmi Agagu in a statement on the NGX said, “We refer to Eterna Plc’s  public statement dated 21st December, 2020 in which we notified our Shareholders, The Nigerian Exchange Limited and the general public that some of our substantial shareholders (Shareholders) have formally informed the Board of Eterna Plc  that they are in negotiations to sell equity holdings in the Company to a ‘New Investor.’

“Our substantial shareholders; 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 have executed a Sale and Purchase Agreement (SPA) that enables Preline Limited acquire 794,969,774 (Seven Hundred and Ninety Four Million Nine Hundred and Sixty Nine Thousand Seven Hundred and Seventy Four) shares of Eterna Plc representing 60.98% in the Company.

“A formal application with further details will be filed with the Securities and Exchange Commission (SEC) for an “authority to proceed’ with the transaction by the transacting parties.

“This notification is in fulfilment of our obligation to report such matters and we will continue to do so in line with Regulatory guidelines.”