Company News
Major Shareholder Trims Holdings as Geregu Power Shows Profit Surge
Amperion Power Distribution Company Limited, the majority shareholder in Geregu Power Plc, executed a cross-deal stock sale, offloading one million units of its holdings.
The transaction, which transpired on Monday, was exchanged at N399 per unit or N399 million in value, according to the details of the transaction.
This sale follows a similar trend, as a few weeks ago, an undisclosed party engaged in a cross-deal with Amperion Power, involving N1.89 billion worth of Geregu Power shares.
The majority shareholder has been active in managing its holdings, having listed the power generation company on the Nigerian Exchange Limited in 2022.
Amperion Power, a subsidiary of Forte Oil owned by billionaire businessman Femi Otedola, acquired Geregu in 2013.
Despite Otedola’s limited current stake in Geregu Power, the company reported impressive growth, with a post-tax profit surge to N11.36 billion in Q3.