Aduragbemi Omiyale
By Aduragbemi Omiyale
The chairman of Geregu Power Plc, Mr Femi Otedola, has sold part of his stake in the power-generating firm to another investor.
The billionaire businessman, who is a majority shareholder in the organisation, sold the shares through one of the firms he used to acquire Geregu Power Plc, Amperion Power Distribution Company Limited.
Amperion Power Distribution Company Limited is owned by Mr Femi Otedola, who is the son of a former Governor of Lagos State, the late Sir Michael Otedola.
He sold off his stake in the defunct Forte Oil Plc, which later became Ardova Plc, to acquire Geregu Power a few years ago.
In a regulatory notice on Wednesday, it was disclosed that Amperion Power sold about one million stocks of Geregu Power at the bourse through a cross-deal at a unit price of N399.
According to Investopedia, a cross is when a broker receives a buy and sell order for the same stock at the same price, so they make the trade between two separate customers.
The transaction is usually conducted on the floor of the stock exchange and according to the disclosure from the Nigerian Exchange (NGX) Limited, this deal was carried out on Monday, November 20, 2023.
Business Post observed that this was the second time in seven straight trading sessions Geregu Power recorded the sale of over a million units on the floor of the exchange.
The first was on Thursday, November 16, 2023, when it transacted 1,032,482 units and closed at N395.50 per unit and the second was on Monday when it traded 1,064,821 at N399.00 per unit.
On Tuesday, it managed to sell 9,047 units and the next day, it traded 1,624 units, and today, it transacted 9,633 units at N399.00 per cent apiece.
