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Friday, February 23, 2024

Amperion Power Distribution Company unloads N399 million worth of Geregu Power shares in cross-deal

Majority Shareholder Continues Stock Transactions Following Recent N1.89 Billion Exchange

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Amperion Power Distribution Company Limited, the majority shareholder in Geregu Power Plc, has executed a cross-deal stock sale, offloading one million units of its holdings at N399 per unit. The transaction, disclosed in a corporate notice to the Nigerian Exchange Limited on Wednesday, amounted to approximately N399 million and occurred on Monday.

This latest deal follows a recent cross-deal where N1.89 billion worth of Geregu Power shares were exchanged a few weeks ago. The details of the other party involved in the transaction were not disclosed.

On October 31, 4.8 million units of the power generation company’s shares were traded at N395 per unit in a deal that included the majority shareholder, Amperion Power Distribution Company Limited. Amperion Power, a subsidiary of Forte Oil owned by billionaire businessman Femi Otedola, acquired Geregu in 2013 and made history by listing it on the Nigerian Exchange Limited in 2022.

As of June 30, Amperion Power held 2.06 million shares in Geregu, representing 82.45 percent of the total shares. In contrast, Femi Otedola currently holds a minimal stake of 1,245 shares, equivalent to approximately 0.00005 percent of the company’s stakes at the end of the half-year.

Despite the ongoing stock transactions, Geregu Power Plc reported post-tax profit growth to N11.36 billion in the third quarter, demonstrating robust financial performance amid the ownership dynamics and market activities.

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