Preline Limited, an investment vehicle of RainOil Limited, has acquired 60.98 per cent stake in Eterna Plc in a deal consummated on the Nigerian Exchange Limited on Friday.
According to a statement, information from the Nigerian Exchange Limited revealed that the transaction involved the crossing of a total of 794,969,774 shares of Eterna in an off-market trade at N13.50 per share.
It said the transaction was a negotiated cross deal by Cordros Securities Ltd, acting for the buyer.
Eterna had earlier informed the exchange and the market that some of the company’s substantial shareholders executed a Sale and Purchase Agreement that enabled Preline acquire 794,969,774 shares of Eterna, representing 60.98 per cent in the company and the required approvals were being obtained from the regulators.
The statement said the acquisition would allow RainOil Limited to further scale up its business and increase its footprints across Nigeria, confirming its position as a formidable indigenous player in the downstream oil and gas sector.
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