Geregu Power Plc has disclosed that the Fund for Export Development in Africa (FEDA), an arm of the Africa Export and Import Bank (Afrexim Bank), has acquired five percent stake in the company led by billionaire businessman, Mr. Femi Otedola.
Geregu Power Plc’s Company Secretary, Akinleye Olagbende, broke the news in a notification to the Nigerian Exchange Limited and the investing public on Wednesday.
It said the transactions was concluded on Tuesday.
Part of the statement read, “The purchase of the shares was concluded today the 21st of February 2023 with the purchase agreed in the 21st of December 2022. With this purchase FEDA now currently holds five per cent of Geregu Power Pic Shares.”
Geregu shares closed on Tuesday at N224 per share. 125,010,596 volume of its shares worth N12.502bn were traded in 19 exchanges.
The company in October 2022, got listed on the NGX. A total of 2.5 billion ordinary shares of Geregu were listed at N100 per share, under the utilities sector and electric power generation sub-sector of NGX, with the trading symbol, Geregu.
Geregu is the first GenCo to be listed on the NGX Main Board, a listing segment for well-established companies.
The NGX had said, “A Main Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery, and providing increased returns to shareholders.
“It is our expectation that the Geregu Power listing will encourage other power generation and distribution companies to list their shares on the Exchange, thereby opening the sector up to cheaper, long-term capital that will boost infrastructural development and value creation.”
