Geregu Power Plc's majority shareholder, Amperion Power Distribution Company Limited, has completed a series of share sales totaling 40 million units in three cross-deals over N14.5 billion in December.
This was announced in a corporate notice filed with the Nigerian Exchange Limited on Thursday. The document cited that the transactions took place on the 21st, 22nd, and 27th of December, respectively, in Lagos State, Nigeria.
The first transaction, which involved five million shares, was traded at N360.30 per unit on December 21. The second transaction occurred on December 21 and involved 18.22 million units at N360.20 per unit. The last transaction occurred on Wednesday, the 27th, with an exchange of 16.77 million Geregu shares at N370 per unit.
Geregu equity traded on the local bourse in the past seven days was priced at N399, which shows that 40 million units involved in the cross-deals were exchanged at a lower price than the trading price. Geregu Equity has a market capitalization of N997.500 billion, which shows that the firm will hit a valuation of N1 trillion in the coming weeks.
According to the analysis at the close of the first post-Christmas trading session, Geregu led in terms of traded value at N6.06bn.
The recent cross-deals came a few weeks after Amperion Power Distribution Company Limited offloaded one million units of its holdings in a cross-deal stock sale. The shares were exchanged at N399 per unit, bringing the deal to about N399 million.
The PUNCH said 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. The other parties to these cross-deals have yet to be revealed.
Read more: https://www.investingport.com/amper...pletes-share-sales-totaling-40-million-units/