• Thursday, April 25, 2024
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Ellah Lakes acquires 100% equity stake in Telluria

Ellah Lakes acquires 100% equity stake in Telluria
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.