Nigerian Exchange Limited Admits 882 Million Additional Eterna Shares to Official List

Eterna Plc has listed an additional 882.06 million ordinary shares on the Daily Official List of Nigerian Exchange Limited following the completion of its rights issue that recorded a 90.18 percent subscription level.

The Nigerian Exchange disclosed that the newly listed shares were admitted to the market on Wednesday, May 20, 2026.

The listing followed Eterna Plc’s rights issue of 978.11 million ordinary shares of 50 kobo each offered to existing shareholders at N22 per share.

The offer was structured on the basis of three new ordinary shares for every four ordinary shares held by shareholders as of November 27, 2025.

The development represents a significant expansion of the company’s issued share capital and reflects strong shareholder participation despite prevailing market liquidity constraints and cautious investor sentiment across the equities market.

Following the listing of the additional shares, Eterna Plc’s total issued and fully paid-up shares increased from 1.30 billion ordinary shares to 2.19 billion ordinary shares.

The rights issue forms part of the company’s broader capital strengthening strategy aimed at improving operational capacity, enhancing balance sheet flexibility and supporting future growth initiatives within Nigeria’s downstream oil and gas sector.

The successful subscription level also signals sustained investor confidence in the company’s long-term positioning despite ongoing volatility in the energy market and macroeconomic pressures affecting listed firms.

Market analysts noted that rights issues remain one of the preferred fundraising channels for Nigerian listed companies seeking fresh capital while preserving existing shareholder ownership structures.

However, the increase in Eterna’s outstanding shares is expected to expand the company’s market float and could influence earnings per share metrics in subsequent reporting periods depending on operational performance and profitability growth.

Investors are expected to monitor how the company deploys the newly raised capital and whether the additional funding translates into improved revenue generation, stronger margins and enhanced shareholder value in the medium term.