Mr. Paul Olurotimi Otedola, a brother to billionaire investor and chairman of Geregu Power Plant, Femi Otedola has purchased 3.123.092 million units of shares worth N903.97 million shares from Geregu Power Plc.
This was contained in a notice share dealing by an insider to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.
The notice signed by Akinleye Olagbende, Company Secretary indicated that Mr. Paul Olurotimi Otedola, a brother to the majority shareholder, Mr. Femi Otedola on May 8th, 2023 purchased 300,000 units of Geregu Power Plc at N288.9 per share valued at N86.670 million.
Also on 8th May 2023, he purchased 1,875,000 units of the company’s shares at N288.9 worth N541.688 million. Additionally, on the 9th of May 2023, Olurotimi Otedola bought shares 948.092 shares at N290.7 per share valued at N275.610 million. This brings the total value of shares purchased to N903.967 million.
Geregu Power, a leading power generation company (GenCo) in Nigeria, is the first GenCo to be listed on the NGX main board, a listing segment for well-established companies with demonstrable records of accomplishments. The listing of Geregu’s shares added N250 billion to the market capitalization of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
Checks by Nairametrics showed that the company’s stock price stood at N290.70 per share at the close of trading yesterday from N100 it opened trading on the 5th of October it was listed on the NGX, representing a growth of 190.70%.
Further analysis showed that Geregu Power closed the trading day with N726.750 billion in market capitalization as against N250 billion it was listed on 5th October.
The announcement that Afreximbank was to acquire a minority stake in the company sparked investors ‘optimism about the shares of the company.
The Fund for Export Development in Africa (FEDA), the development impact investment platform of African Export-Import Bank (Afreximbank) had in December announced that it has received internal approvals to acquire a minority stake in Geregu Power Plc, subject to satisfactory diligence and documentation.
FEDA has the obligation of providing capital for advancing intra-African trade, export development, and industrialization in Africa.
FEDA, in a statement, said it has made a strategic decision to support leading energy platforms across Africa, including the renewables and transition fuels sectors as part of its intervention efforts in Africa’s energy sector.
FEDA noted that it targets to support the business as a minority investor and work with the current owners and management team to drive the expansion of the business over the next years.
The company also published its 2022 audited accounts recently, recommending an N20 billion dividend which also helps to boost confidence in investors craving for capital gains and good return on investment.
– Nairametrics.
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