Ardova Plc(AP), a leading Nigerian integrated energy company, and the shareholders of Enyo Retail and Supply Limited (Enyo) have entered discussions relating to AP acquiring Enyo.

Enyo is one of the newest and fastest growing retail and supply companies in the downstream sector. Enyo is a technologically driven player and currently operates over 90 stations across Nigeria attending to over 100,000 retail customers daily across 15 states of the country.

Stock investors priced-in this positive from Ardova Plc which moved its share price from N19.7 to N20, after it added 30kobo or 1.52percent.

Read Also: All On, USADF announce 9 finalists for US$100,000 Nigeria Off-grid energy challenge

Related News

This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.

CEO of AP, Olumide Adeosun, explained that immediately following completion, AP will look to retain the Enyo branded stations which will operate side by side with the AP brand whilst leveraging the strengths of AP and its group companies.

He stressed further that parties are committed to concluding the deal by the end of Q1 2021. Ardova Plc and Enyo Retail & Supply Limited will provide further information on progress made on the proposed acquisition.

More from our Markets Column
Read Next
As crude prices rise, oil stocks should be your next bets

As crude prices rise, oil stocks should be your next bets

By Iheanyi Nwachukwu • January 13, 2021

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp