Seplat Chairman Sells 3.5m Shares

• Seplat Chairman Sells 3.5m Shares

The Chairman of Seplat Petroleum Development Company plc, Mr Ambrosie Bryant Chukwueloka (ABC) Orjiako, has sold 3.5 million units of his shares in the company.

The company disclosed this on Tuesday through the Nigerian Stock Exchange (NSE).

Investors King checks showed the 3.5 million shares were from the 29.8 million shares indirectly held by the billionaire businessman under Vitol Energy Limited.

Up until the sale, Mr Orjiako controlled 16.15 million ordinary shares of Seplat held directly by A.B.C Orjiako and Shebah Petroleum Development Company Limited, while another 29.8 million units were held indirectly by him through the Vitol Energy Limited.

The sale, according to the company, took place in London, United Kingdom at the rate of £1.14 per unit, amounting to £3.99 million in total.

With the completion of the transaction, the Chairman now holds a direct interest in 16.151 million ordinary shares and an indirect interest in 26.3 million ordinary shares of the Company totalling 42.5 million shares, equaling to a voting interest of 7.21 percent.

“The company was notified of the sale of 3,500,000 units of ordinary shares indirectly held by Dr A.B.C Orjiako, the chairman of the company.

“Following the sale, Dr Orjiako now holds a direct interest in 16,151,325 ordinary shares and an indirect interest in 26,300,000 ordinary shares of the company totalling 42,451,325 shares which equates to a voting interest of 7.21 percent (based on issued share capital of 588,444,561).

“Further details of the transaction are set out in the attached notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

“This notification is made in accordance with Rule 12 of the Amendments to the Listing Rules of the Nigerian Stock Exchange and Article 19 of the EU Market Abuse Regulations,” the notice yesterday said.