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Afreximbank acquires 5% of Otedola’s Geregu Power

The Fund for Export Development in Africa (FEDA), the impact development arm of the Africa Export and Import Bank (Afreximbank), has acquired five per cent…

The Fund for Export Development in Africa (FEDA), the impact development arm of the Africa Export and Import Bank (Afreximbank), has acquired five per cent of the shares of Geregu Power Plc, a firm with major equities by billionaire businessman Femi Otedola.

The purchase of the shares was concluded on February 21, 2023, while the purchase was agreed upon on December 21, 2022, Geregu said in a statement to the Nigerian Exchange (NGX).

With this purchase FEDA now holds 5% of Geregu Power Plc Shares, it said.

The company was initially bought by Amperion Ltd in 2013 during the power sector privatisation by Otedola and has been operational near the moribund Ajaokuta Steel Company in Kogi state.

Meanwhile another statement from Courteville Business Solutions Plc to the Exchange, said Bows Nigeria Limited has received the approval of the Securities and Exchange Commission for a mandatory takeover bid for 32.99 per cent or 1,171,939,459 shares of Courteville.

This gives Bows full control of the company in which it already holds 67.01 per cent stake, the statement explained.

It said Bows made the proposal to buy the 32.99% held by the other shareholders of the company through a Mandatory Takeover Bid (MTO) to the Securities and Exchange Commission (SEC), and the Mandatory Takeover Bid has been registered with SEC as SIS/M&A/TBR/CBS/000824 in the commission’s record.

The tender offer opened on February 22, 2023 and will close on March 22, 2023.

 

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