Nigerian billionaire businessman,
Femi Otedola is set to sell his 75 per cent direct and indirect shareholdings
in Forte Oil.
This was revealed by the Nigerian
Stock Exchange in a statement on its website on Monday.
The statement was signed and made
available to reporters by Akinleye Olagbende, the General Counsel of the company.
The statement entitled
‘notification of divestment by the majority shareholder in the downstream
business operations,’ reads, “Forte Oil Plc hereby notifies the Nigerian Stock
Exchange, Securities and Exchange Commission, Shareholders and the investing
community that its Majority Shareholder, Mr. Femi Otedola, CON has reached an
agreement with the Prudent Energy team, investing through Ignite Investments
and Commodities Limited, to divest of his full 75% direct and indirect
shareholding in the Company’s downstream business.
“Mr. Otedola’s divestment from
the downstream business is pursuant to his decision to explore and maximise
business opportunities in refining and petrochemicals.
“The transaction is expected to
close in the First Quarter (Q l ) of 2019 subject to the satisfaction of
various conditions and receipt of applicable regulatory approvals.
“Standard Chartered Bank,
Corporate Finance & Advisory, Dubai and Olaniwun Ajayi LP served as
Financial and Legal advisors respectively to Mr. Femi Otedola, CON, while
PricewaterhouseCoopers and Stanbic IBTC Capital Limited served as Joint
Financial Advisors and Sefton Fross served as legal advisor to Ignite
Investments and Commodities Limited.
“This press release does not
constitute an offer to sell or a solicitation of an offer to buy any of the
ordinary shares or any other securities, nor will there be any sale of the
ordinary shares or any other securities in any state or jurisdiction in which
such an offer, solicitation or sale is not permitted.”
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