Acquisition: Geregu, Afriximbank in talk on equity stake

GEREGU Power Plc, the first Nigerian electricity generation company listed on the Nigerian Exchange Limited (NGX), is in talks with the Africa Export and Import Bank (Afriximbank) for the acquisition of a portion of shares in the power firm.

Geregu Power Plc in a notice to the NGX on Saturday, said the Fund for Export Development in Africa (FEDA), an arm of Afriximbank has expressed interest in acquiring a portion of its shares and that discussions are ongoing.

The statement by the company said talks are ongoing regarding the proposed acquisition by FEDA and that the outcome of the discussions would be communicated in due course.

“The discussions are currently ongoing and where these talks progress to a more advanced stage, the Company will notify the Exchange and the investing public in line with the rules of the Exchange”.

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It will be recalled that Geregu Power Plc was recently listed on the Main Board of the Nigerian Exchange Limited (NGX) by way of introduction.

A total of 2.5 billion ordinary shares of Geregu were listed at N100 per share, under the Utility sector and Electric Power Generation sub-sector of NGX, with the trading symbol, GEREGU. The listing added N250 billion to the market capitalization of Exchange.



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