Geregu Power Plc’s biggest stakeholder, Amperion Power Distribution Company Limited, has sold one million units in a cross-deal stock sale.
The Punch reported that this transaction happened on Monday, according to a corporate notice that was submitted to the Nigerian Exchange Limited on Wednesday.
Geregu Power Shares valued at N399 per unit were traded for one million units, totaling approximately N399 million.
The transaction took place a few weeks after another cross-deal in which the company’s shares were exchanged for N1.89 billion. The other deal-maker remained anonymous.
In a transaction involving the primary shareholder, Amperion Power Distribution firm Limited, 4.8 million units of the power-producing company were traded at N395 per unit on October 31.
Amperion Power, a subsidiary of Forte Oil owned by billionaire businessman Femi Otedola, purchased Geregu in 2013 and in 2022, it became the first electricity firm in history to list on the NGX.
Amperion Power owned 2.06 million shares of Geregu as of June 30, or 82.45% of the total shares.
As of the end of the half year, Otedola only owned 1,245 shares or 0.00005 percent of the company’s total equity.
In Q3, the company’s post-tax earnings increased to N11.36 billion.
