Socfinaf S.A, the major shareholder of The Okomu Oil Palm Company Plc acquired an additional 2.011 million shares of the company at an average price of N78.72 per share to increase its stake to 63.20%. This information was contained in a corporate release by the company notifying the Nigerian Stock Exchange and the Investing public about share dealing by the insider.
Socfinaf S.A, who prior to this share purchase owned 600.867 million shares of the palm oil producer, representing 62.69%, is the only shareholder with more than 5% of the issued share capital of the company.
- Have you read?
- SEC to regulate crypto assets and blockchain-related activities in Nigeria
- Reclassification of Vitafoam Nigeria Plc to medium price stock group
The acquisitions were done in three tranches; 1,883,759 units at N77.98 per share were purchased on 9th September 2020, 13,540 units at N78.00 per share were purchased on 10th September, and 114,301 units at N74.76 per share were purchased on 11th September 2020. All transactions were made at the Nigerian Stock Exchange, Lagos.
Rule 111 of the Securities and Exchange Commission requires filing of notice by directors and other insiders upon sale or purchase of their shares in the company.
About The Okomu Oil Palm Company Plc
The Okomu Oil Palm Company was established in 1976 as a Federal Government pilot project aimed at rehabilitating oil palm production in Nigeria. At inception, the pilot project covered a surveyed area of 15 580 hectares out of which 12 500 hectares could be planted with oil palm. It was incorporated on December 3, 1979 as a limited liability Company.
As part of efforts to shore up its revenue base, the Company acquired and installed a 1.5 T/h Fresh Fruit Bunches (FFB) mill in 1985 to begin to process its FFB. Prior to the installation of the mill, the Company derived its revenue from the sale of FFB.
By December 31, 1989, 5 055 hectares of the estate had been planted. The Company also began infrastructural developments on the estate at that period. The facilities included office blocks, workshops/stores, staff quarters, a petrol station, a powerhouse and a primary school for children of the Company’s staff members.
In 1990, the Technical Committee on Privatisation and Commercialisation (TCPC) privatized The Okomu Oil Palm Company on behalf of the Federal Government of Nigeria.
It has since grown to become Nigeria’s leading oil palm Company with total area of 33,113 ha of which 19,061ha is currently planted with oil palm trees and 7,335 ha with rubber trees.. Currently, the Company operates two 30 T/h oil mills and another two 30 T/h oil mills are planned to be operating by June 2021 and June 2022 respectively.
On September 9th 1997, Okomu Oil Palm Plc listed its shares on the Nigerian Stock Exchange. The company’s registered address is Ovia South West LGA Edo State. The company have 953,910,000 outstanding shares and a market capitalization of N74.404 billion.
About Socfinaf S.A
Socfinaf S.A is mainly involved in the management of a portfolio focused primarily on the operation of almost 139,600 hectares of tropical oil palm and rubber plantations located in Africa. The majority shareholder of Socfinaf S.A is Socfin L-1650 Luxemburg.
Founded in 1909, the Socfin Group is active in the development and management of oil palm and rubber plantations. Its expertise, industry knowledge and innovation make Socfin an international agro-industrial player.
Present in 8 countries in Central and West Africa, as well as 2 countries in Southeast Asia, Socfin is a major player in the regional economic development through its responsible tropical agriculture, addressing basic social needs while protecting the environment.
Written by;
Nnamdi M.
