.%20Preline%20Limited%20will%20receive%20794,969,774%20shares,%20or%20a%2060.98%%20interest%20in%20the%20company%20when%20the%20sale%20closes.Eterna,%20which%20had%20a%20revenue%20of%20N38%20billion%20and%20a%20profit%20of%20N310.6%20million%20at%20the%20halfway%20point%20of%20the%20year,%20expects%20revenues%20to%20reach%20N53.8%20billion%20and%20a%20profit%20of%20N303.8%20million%20this%20quarter.%20In%20the%20last%20year,%20the%20stock%20has%20returned%20226%.A%20document%20from%20the%20Nigerian%20Exchange%20Limited%20stated%20thatem%20“A%20formal%20application%20with%20further%20details%20will%20be%20filed%20with%20the%20Securities%20and%20Exchange%20Commission%20(SEC)%20for%20an%20“authority%20to%20proceed”%20with%20the%20transaction%20by%20the%20transacting%20parties.”/em){kind=link}
Following a deal with seven significant shareholders in the oil market to acquire their combined positions, a new majority shareholder is on track to buy out more than three-fifths of Eterna Plc’s shares, the company said on Wednesday.
In December, the Eterna board was informed that Lenux Integrated Resources Limited, Global Energy & Raw Materials Limited, Meristem Wealth Management Limited, Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited, and Cardinalstone Partners Limited were in talks to sell their stakes in the company to a new investor.
Following the news, Eterna shares were trading at N6.20 per unit in Lagos at 12:10 WAT on Wednesday, up 10% (the maximum daily movement allowed by the bourse). Preline Limited will receive 794,969,774 shares, or a 60.98% interest in the company when the sale closes.
Eterna, which had a revenue of N38 billion and a profit of N310.6 million at the halfway point of the year, expects revenues to reach N53.8 billion and a profit of N303.8 million this quarter. In the last year, the stock has returned 226%.
A document from the Nigerian Exchange Limited stated that “A formal application with further details will be filed with the Securities and Exchange Commission (SEC) for an “authority to proceed” with the transaction by the transacting parties.”