Eterna Plc has informed the Nigerian Stock Exchange (NSE) and the investing public that some of its substantial shareholders have formally informed the Board of Eterna Plc (the Company) that they are in negotiations to sell equity holdings in the Company to a ‘New Investor’.
Eterna Plc share price rallied to N4.51 on Tuesday, up by 41kobo or 10percent when compared to preceding day’s low of N4.10. At the current price, Eterna Plc nears its 52-week high of N5.29 as against 52-week low of N1.80
As part of the process of the prospective sale, the proposed New Investor intends to undertake due diligence exercise on the Company, according to a notice Eterna filed at the NSE.
“The Board has reviewed the request for due diligence and approved same at its meeting held on December 21, 2020. We notify the Exchange in fulfillment of our obligation to report such matters and will continue to do so in line with the guidelines.
“However, as a shareholder driven transaction, the Company is yet to have full details of the transaction,” according to Eterna Plc in the notice signed by Bunmi Agagu, Company Secretary/Legal Adviser.
The company which is listed on the Oil & Gas sector (Petroleum and Petroleum Product subsector) of the NSE Main Board has in excess of N5.88billion as market capitalisation with shares outstanding of 1,304,144,647 units.
