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Geregu majority shareholder offloads one million shares

The majority shareholder in Geregu Power Plc, Amperion Power Distribution Company Limited, has offloaded one million units of its holdings in a cross-deal stock sale.

According to a corporate notice filed with the Nigerian Exchange Limited on Wednesday, the transaction took place on Monday.

The one million units of Geregu power shares were exchanged at N399 per unit, amounting to about N399m.

The deal comes a few weeks after N1.89bn worth of the firm’s shares were exchanged in another cross-deal. The other party to the deal was not named.

On October 31, 4.8 million units of the power generation company were traded at N395 per unit in a deal, involving the majority shareholder, Amperion Power Distribution Company Limited.

Amperion Power, a subsidiary of Forte Oil, owned by billionaire businessman, Femi Otedola, acquired Geregu in 2013.

It was listed on the NGX in 2022, making history as the first power company to do so.

As of June 30, Amperion Power held 2.06 million shares in  Geregu, amounting to 82.45 per cent of the total shares.

Meanwhile, Otedola currently held only 1,245 shares, about 0.00005 per cent of the stakes of the company at the end of half year.

Meanwhile, the company’s post-tax profit grew to N11.36bn in Q3.

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