Rainoil completes acquisition of majority share in Eterna
Rainoil Limited, a leading player in the downstream oil and gas industry, has completed the acquisition of majority shares in Eterna Plc, a publicly listed oil and gas company.
This was achieved following the successful purchase of majority shares of Eterna Plc, through its investment arm – Preline Limited.
On the 21st of December 2020, Eterna Plc issued a public statement notifying Shareholders, The Nigerian Exchange Limited and the general public of negotiations by substantial shareholders to sell equity holdings in the Company. On the 25th of August 2021, Eterna Plc announced the execution of a Sale and Purchase Agreement (SPA) enabling Preline Limited to acquire 794,969,774 shares.
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Commenting on the transaction, Gabriel Ogbechie, group managing director, said: “The acquisition is in alignment with our targeted expansion strategy across the oil and gas value chain, and will position the Company for sustainable growth and superior value creation for all our stakeholders. It also underlines our commitment to Nigeria at this critical evolution point of the Energy Sector. We also expect that this will reinvigorate the fortunes of Eterna Plc and optimize the Company for improved performance.”
Over the past 24 years, Rainoil Limited has increased its asset base to include: Three ultra-modern petroleum product storage depots in Delta, Cross River and Lagos States, an 8,000 metric tonne LPG storage facility in Lagos State, and over 100 retail outlets spread across the country.
A fleet of over 140 petroleum product tank trucks for delivery of products to its network of stations and customers across the country.