Several substantial shareholders of Eterna Plc (NGX: ETERNA) are divesting from the company.
Shareholders including Meristerm Wealth Management have executed a Sale and Purchase Agreement (SPA) with a new investor, Preline Limited.
This was disclosed by Eterna Plc in a notification to the Nigerian Exchange and the investing public.
According to the document signed by Bunmi Agagu, Company Secretary/Legal Adviser, “substantial shareholders – Lenux Integrated Resources Limited, Global Energy & Raw Materials Limited, Meristem Wealth Management Limited, Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited and Cardinalstone Partners Limited have executed a Sale and Purchase Agreement (SPA) that enables Preline Limited acquire 794,969,774 (Seven Hundred and Ninety Four Million Nine Hundred and Sixty Nine Thousand Seven Hundred and Seventy Four) shares of Eterna Plc representing 60.98% in the Company.”
The company said it will file formal application with Securities and Exchange Commission (SEC) for an authority to proceed with the transaction by the transacting parties.
Following to the announcement, the equity price of Eterna Plc rose 10% (the maximum possible single day gain on the Nigeria Exchange) to N6.82 per share on Wednesday.
The 52-week high and low prices are N8.00 and N1.90 per share respectively. Year-to-date Eterna is up 33.7%.
In the first half of the year ended 30 June 2021, Eterna plc reported an increase in revenue to N37.99 billion from N28.52 billion in H1 2020. The company also posted a profit of N310.57 million for the period against a loss of N66.58 million reported in the H1 2020.
Eterna Plc has 1,304,144,647 outstanding shares and a market capitalization of N8.89 billion.
About Eterna Plc
Eterna Plc (the Company) was incorporated in Nigeria as a private limited liability Company in 1989. In 1997, it became a public Company. The Company’s shares which are currently quoted on the Nigerian Stock Exchange (NSE) were first listed in August 1998.
The Company is domiciled in Nigeria and the address of its registered office is: 5a Oba Adeyinka Oyekan Avenue (Formerly Second Avenue) Ikoyi Lagos.
The principal activities of the Company and its subsidiaries are trading in crude oil and Condensates; manufacturing, sale and distribution of lubricating oils and petrochemicals; Bulk import and retail distribution of Petroleum Products (including PMS, AGO, ATK LPFO, Base Oils, Bitumen etc.) and gas.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
