Rainoil Limited, a major player in the downstream oil and gas industry, has completed the acquisition of majority shares in Eterna Plc, a publicly listed oil and gas company. The acquisition was executed through its investment arm, Preline Limited.
Eterna Plc, a major player in the downstream sector of Nigeria’s oil industry, had, late 2020, issued a public statement notifying shareholders, The Nigerian Exchange Limited and the general public of negotiations by substantial shareholders to sell equity holdings in the Company.
In August 2021, Eterna announced the execution of a Sale and Purchase Agreement (SPA) enabling Preline Limited to acquire 794,969,774 shares.
Commenting on the transaction, the Group Managing Director, Dr. Gabriel Ogbechie said: “The acquisition is in alignment with our targeted expansion strategy across the oil and gas value chain, and will position the Company for sustainable growth and superior value creation for all our stakeholders.
It also underlines our commitment to Nigeria at this critical evolution point of the Energy Sector. We also expect that this will reinvigorate the fortunes of Eterna Plc and optimize the Company for improved performance.”