About two months after THEWILL reported that Geregu Power, a power generating firm promoted by businessman and investor, Femi Otedola was having acquisition talks with investors, the company has successfully sold five per cent equity stake to Fund for Export Development in Africa (FEDA).
FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank). FEDA bought 125.0 million units of the company’s stocks at N100 per unit, amounting to N12.5 billion. Geregu had made its entry into the Nigerian Exchange, NGX with a market value totalling N250 billion after scaling the regulator’s hurdle. The power firm is valued at N307 billion with 2.5 billion outstanding shares sold at N122.80, thus making it the first Nigerian owned power generating firm to list its shares on the NGX.
The deal between Geregu and FEDA was completed during the week in an off-market deal, with PAC Securities Limited as the buyer and APT Securities and Funds Limited as the seller. Geregu Power was acquired by Otedola, shortly after he sold his interests in Forte Oil a few years ago.
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