By Dipo Olowookere
A total of 3.5 million units of Seplat shares owned by Chairman of the energy firm, Mr Ambrosie Bryant Chukwueloka (ABC) Orjiako, have been handed over to another investor.
Business Post gathered that the divested equities were from the 29.8 million shares indirectly held by the oil magnate, which were registered in the name of Vitol Energy Limited. These stocks were held for the benefit of Shebah Petroleum Development Company Limited, a company owned by Mr Orjiako and members of his family.
Before the recent sale, Mr Orjiako controlled 16.15 million ordinary shares of Seplat held directly by A.B.C. Orjiako and Shebah Petroleum Development Company Limited, while a total of 29.8 million units were held indirectly by him through Vitol Energy Limited.
But on Thursday, August 1, 2019, the billionaire businessman offloaded 3.5 million units from his holdings in Vitol Energy Limited, leaving him now with an indirect interest in 26.3 million ordinary shares of Seplat.
In a regulatory disclosure to the Nigerian Stock Exchange (NSE) yesterday, Seplat said the sale of the 3.5 million shares by its Chairman took place in London, United Kingdom at the rate of £1.14 per unit, amounting to £3.99 million.
With the transaction, Mr Orjiako now holds a direct interest in 16.151 million ordinary shares and an indirect interest in 26.3 million ordinary shares of the Company totalling 42.5 million shares, equaling to a voting interest of 7.21 percent.
“The company was notified of the sale of 3,500,000 units of ordinary shares indirectly held by Dr A.B.C Orjiako, the chairman of the company.
“Following the sale, Dr Orjiako now holds a direct interest in 16,151,325 ordinary shares and an indirect interest in 26,300,000 ordinary shares of the company totalling 42,451,325 shares which equates to a voting interest of 7.21 percent (based on issued share capital of 588,444,561).
“Further details of the transaction are set out in the attached notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
“This notification is made in accordance with Rule 12 of the Amendments to the Listing Rules of the Nigerian Stock Exchange and Article 19 of the EU Market Abuse Regulations,” the notice yesterday said.
Adedapo Adesanya