Eterna Plc Launches N21.52bn Rights Issue for Strategic Growth
Eterna Plc has commenced a N21.52bn Rights Issue to raise capital for various strategic initiatives, including expanding its retail network, upgrading its lubricant blend plant, and enhancing its LPG retail assets. The offer, which opens on January 12, 2026, will provide existing shareholders the opportunity to subscribe to new shares at N22 per share.
This move follows the company's impressive financial performance, with a 71% revenue surge and a 114% profit turnaround in the previous fiscal year. The Rights Issue is part of Eterna's broader strategy to deepen its footprint in the downstream sector and navigate regulatory shifts in the energy landscape.
The company's Chairman, Gabriel Ogbechi, expects the capital raise to enhance competitiveness and support high-growth business segments.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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