Ellah Lakes Plc has acquired 100percent equity stake in Telluria Limited. The acquisition became effective on May 7, 2019. Having complied with all the necessary regulatory requirements, the acquisition was approved by the Nigerian Stock Exchange (NSE) and by the Securities and Exchange Commission (NSE).
The company said in a statement at the NSE that the primary objective of the acquisition is to strengthen Company’s balance sheet, restore customer confidence, provide access to new markets, improve operations and create organizational efficiencies that will drive profitability and increase shareholders’ value.
Ellah Lakes Plc is one of Nigeria’s foremost agriculture businesses, specialising in Fish Farming. It was incorporated on July 2, 1980 and listed on the Nigerian Stock Exchange on January 14, 1993. Ellah Lakes acquired Telluria in order to diversify its product offerings in the AgriBusiness sector.
The Board of Directors and Management of Ellah Lakes consider this business combination to be in the best interest of the Company and expect the transaction to; revitalize management; create access to diversified expertise and financial strength; (c) improve administrative and operational and efficiencies of the Company; and strengthen the Company’s market position by aiding access to new products and markets.
In a related development, Ellah Lakes Plc has appointed Chuka Mordi as Managing Director. His appointment became effective from June 12, 2019. Mordi takes over from Frank Ellah, who moves on to new pursuits.
The appointment was made at a board meeting of the company on June 12th 2019 and follows the board’s agreement to a business combination with Telluria Limited which would strengthen Ellah Lakes’ balance sheet, restore customer confidence, provide access to new markets while enhancing operations that will ultimately drive profitability and deliver value to shareholders.
Prior to this appointment by Ellah Lakes Plc, Mordi was a Director in Telluria and the Managing Partner of CBO Investment Management.
Commenting on his appointment, Mordi said: “I am very excited to be taking up the position of Ellah Lakes Managing Director. The combination of Ellah Lakes and Telluria establishes a platform with a significant existing land portfolio, access to finance and investments in the domestic production of oil palm, & a variety of cash crops. I look forward to an exciting future as we put Ellah Lakes back on a path to growth.”
Iheanyi Nwachukwu
