Geregu Power Plc He said Fund for the Development of Exports in Africa (FEDA) has expressed interest in acquiring a portion of its shares and that discussions are ongoing.
This was revealed in a statement signed by Company Secretary Akinleye Olagbende and submitted to the Nigerian Stock Exchange.
Naijaonpoint understands that FEDA is the impact development arm of the African Export-Import Bank (Afreximbank).
Ongoing talks: The company’s brief statement indicated that discussions are taking place on the proposed acquisition by FEDA and that the outcome of the discussions will be communicated in due course.
- “Discussions are currently ongoing and when these discussions progress to a more advanced stage, the Company will notify the Exchange and the investing public in accordance with the Exchange’s rules.”
Recent listing on NGX: Recall that Geregu Power Plc recently listed on the Main Board of the Nigerian Exchange Limited (NGX) by way of introduction.
A total of 2.5 billion shares of Geregu common stock traded at N100 per share, in NGX’s utilities and power generation sub-sectors, under the trading symbol GEREGU. The listing added N250 billion to the exchange’s market capitalization.
About the company: Geregu Power, a leading Power Generation Company (GenCo) in Nigeria, is the first GenCo to be listed on the NGX Main Board, a listing segment for well-established companies with demonstrable records of achievement. Geregu’s share listing has added N250,000,000,000 to NGX’s market capitalization, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
… Geregu Power in talks with FEDA for the acquisition of shares Read more in … Naijaonpoint.