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Geregu Power, investors begin talks over acquisition

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Geregu Power Plc and Fund for Export Development in Africa have begun talks for the acquisition of a portion of the local power generating company.

The company’s share has gained about 23 per cent since it was listed on the NGX two months ago.

The power firm is valued at N307 billion with 2.5 billion outstanding shares sold at N122.80 on Friday, according to investors. Geregu Power was listed at N100 this year and had hit a 52-week high at N130.2. The company has been in the debt capital market to raise funds for expansion and improve working capital.The company recently raised N40 billion in bonds from the local debt capital market this year.

According to a notification signed by the company’s secretary, Akinleye Olagbende, “Geregu Power Plc hereby notifies Nigerian Exchange Limited and the investing public of its discussions with the Fund for Export Development in Africa for the acquisition of a portion of Geregu Power Plc shares.

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Otedola’s Geregu Power begins share acquisition talks with AfreximbankGeregu Power’s share price fell 5.7 per cent N122.8 in Lagos on the day of the announcement, a signal investment are possibly not impressed by the move.
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