Eterna Plc has announced the decision of some of its shareholders to sell equity holdings in the company to a “new investor.”
In a statement obtained from the Nigerian Stock Exchange, the company said the sale was driven by some of its substantial shareholders.
The oil company said the new investor intended to undertake due diligence exercise on the company and had been granted approval by the board of directors.
It said, “This is to inform the Nigerian Stock Exchange and the investing public that some of our substantial shareholders have formally informed the Board of Eterna Plc that they are in negotiations to sell equity holdings in the company to a ‘new investor.’
“As part of the process of the prospective sale, the proposed new investor intends to undertake due diligence exercise on the company.
“The Board has reviewed the request for due diligence and approved same at its meeting held today (December 21, 2020).”
The company, however, said it was yet to have full details regarding the transaction.
Source: NIPC Intelligence