Ignite Investments to Increase Stake in Forte Oil

By August 30, 2019 Investment News

Ignite Investments and Commodities Limited has reviewed plans to increase its stake in Forte Oil Plc by 0.04 per cent.

Forte Oil said in a statement on Wednesday that Ignite Investments expressed its intention to undertake a takeover offer of up to 500,000 ordinary shares, representing a 0.04 per cent equity stake.

Forte Oil disclosed on December 24, 2018 the divestment by its majority shareholder, Mr Femi Otedola, who said he had reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 74.02 per cent direct and indirect shareholding in the company’s downstream business.

By the acquisition of a further 0.04 per cent stake, Ignite Investments’ total stake in Forte Oil stands at 74.06 per cent.

The statement said the additional purchase of shares in Forte Oil by Ignite Investments was done at the rate of N66.25, thus bringing the total consideration paid to N33.13m.

 

Source: Punch