NIPCO Increases Stake in Savannah Energy to 26.5%
NIPCO, a Nigerian energy conglomerate, has disclosed its intention to increase its equity stake in Savannah Energy Plc to approximately 26.5%. This move involves acquiring additional ordinary shares through a series of secondary market transactions and a proposed off-market share buyback agreement.
NIPCO aims to acquire around 25% of the company's current issued share capital initially, with plans to further increase its ownership interest. The relationship agreement between NIPCO and Savannah Energy Plc includes provisions to protect the company's minority shareholders and ensure business independence.
NIPCO commits to supporting board recommendations and not pursuing hostile takeovers.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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