• Thursday, June 13, 2024
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BusinessDay

Ellah Lakes makes inroads into oil palm processing business

Edo-based oil palm plantation fights land grabbers

Ellah Lakes Plc has announced that it has entered into exclusive discussions with a counterparty regarding a potential transaction between the two parties.

The fish farming company said the potential transaction relates to the purchase of 100 percent of the shares of an oil palm processing Company with substantial assets in Delta State.

Though a binding term sheet has been agreed, the completion of the proposed transaction is subject to regulatory approvals and execution of a definitive agreement, Ellah Lakes Plc said, adding that it will update the market appropriately and in accordance with its disclosure obligations.

Accordingly, shareholders are advised to exercise caution when dealing in the securities of Ellah Lakes Plc until a full announcement is made. Its share price remains at N4.25.