Ellah Lakes Plc (ELP), a specialized company in farming has acquired 100 per cent equity stake in Telluria Limited (Telluria).
The acquisition of the company became effective May this year.
Kenechi Ezezika who spoke for Oake Legal Company Secretary said the company hsve complied with all the necessary regulatory requirements, adding that the acquisition was approved by the Nigerian Stock Exchange and by the Securities and Exchange Commission.
He said the primary objective of the acquisition is to strengthen Company’s balance sheet, restore customer confidence, provide access to new markets, improve operations and create organizational efficiencies that will drive profitability and increase shareholders’ value.
The Board of Directors and Management of Ellah Lakes consider this business combination to be in the best interest of the Company and expected the transaction to revitalize management, create access to diversified expertise and financial strength, improve administrative and operational and efficiencies of the Company and strengthen the Company’s market position by aiding access to new products and markets.
Meanwhile, Ellah Lakes Plc has appointed Mr. Chuka Mordi as Managing Director, of the company effective from June 12th, 2019.
Mordi takes over from Mr. Frank Ellah, who moves on to new pursuits. The appointment was made at a board meeting of the company on June 12th 2019 and follows the board’s agreement to a business combination with Telluria Limited which would strengthen Ellah Lakes’ balance sheet, restore customer confidence, provide access to new markets while enhancing operations that will ultimately drive profitability and deliver value to shareholders.
Prior to this appointment by Ellah Lakes Plc, Mr Mordi was a Director in Telluria and the Managing Partner of CBO Investment Management.
Commenting on his appointment, Mordi said: “I am very excited to be taking up the position of Ellah Lakes Managing Director. The combination of Ellah Lakes and Telluria establishes a platform with a significant existing land portfolio, access to finance and investments in the domestic production of oil palm, & a variety of cash crops. I look forward to an exciting future as we put Ellah Lakes back on a path to growth.”
