Prudent Energy plans additional investment in Forte Oil

Prudent Energy’s Ignite Investments and Commodities Limited has disclosed its intention to increase its stake in Forte Oil by 0.04%, and has thereby, made a take-over offer to the qualified shareholders of the company. Prudent acquired Forte Oil in June after Otedola sold his interest. Prudent Energy is owned by Abdulwasiu Sowami.

According to a statement of notice published on the website of the Nigerian Stock Exchange (NSE), Forte Oil revealed that Ignite, the investment arm of Prudent Energy was planning to take-over 500,000 ordinary shares which represent a 0.04% equity stake.

This investment round is expected to increase the stake of Prudent Energy to 74.06 from 74.02 which was bought from Otedola. The additional shares will be purchased at the rate of N66.25 for each ordinary share, which results to N33.13 million take-over payment. Currently, Prudent Energy owns 970,166,694 Ordinary Shares.

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