Amperion Power Distribution Company Limited, the majority shareholder in Geregu Power Plc, offloaded a million units of its holdings on Monday, 21, 2023, in what it calls a cross-deal stock sale.
A corporate notice was sent to the Nigerian Exchange Limited on Wednesday, highlighting that the deal occurred on Monday.
A million units of Geregu power shares were exchanged at N399 per unit, which amounted to N399 million.
The recent deal came after a week of a cross-deal of the company shares that amounted to N1.89bn. However, the name of the party is not disclosed at the moment.
PUNCH reported that on October 31, 4.8 million units of the power generation company were traded at N395 per unit in a deal involving the majority shareholder, Amperion Power Distribution Company Limited.
Amperion Power, a Forte Oil subsidiary that billionaire Femi Otedola owns, acquired Geregu in 2013.
In the firm's June 30 report, Amperion Power owns 2.06 million shares in Geregu, 82.45% of the total shares.
Although Otedola held only 1,245 shares, it had about 0.00005% of the company's stake at the end of the 2023 half-year.
Meanwhile, the company’s post-tax profit grew to N11.36bn in Q3.
Read more: https://www.investingport.com/gereg...ution-company-limited-offloads-million-units/