Femi Otedola, the majority shareholder of Geregu Power Plc, has recently made a significant move in the power generation company’s shares.
According to a corporate filing on the Nigerian Exchange Limited, Otedola has sold over 2.8 million units of his shares in Geregu Power Plc in transactions that occurred on Monday and Tuesday.
The sales involved two separate tranches of shares. Otedola first offloaded 1,875,000 units of Geregu shares at a rate of N288.9 per share.
Subsequently, he sold another 948,092 units at the rate of N290.7 per share. These transactions resulted in a total deal worth of N817.297 million.
- Advertisement -
It is noteworthy that Femi Otedola currently holds a substantial stake of 95.6% in Geregu Power Plc. Most of these shares are owned through his power distribution company, Amperion.
The recent sales indicate a strategic decision by Otedola to divest a portion of his holdings in the power generation company.
Interestingly, while Femi Otedola reduced his stakes, his brother, Olurotimi Paul, has been increasing his ownership in Geregu Power.
Olurotimi acquired an additional 300,000 units of shares at the rate of N288.9 per share. This recent purchase amounts to N86.67 million.
In a previous transaction that took place in February, Olurotimi Paul had acquired 3.6 million units of shares at N219 per unit and 100,000 shares at N207.9 per unit.
These deals totalled N809.2 million. This demonstrates a pattern of Olurotimi actively strengthening his position in the company.
Ayokunle Michael, another brother of Femi Otedola, also made a substantial purchase of Geregu Power shares in February. He acquired four million shares at N219 per unit for a total amount of N876 million.