The majority shareholder of Geregu Power, Femi Otedola, has sold part of his shares in the power firm, weeks after exiting Transnational Corporation (Transcorp) Plc.
Otedola sold a total of 2.82 million shares from the 2.38 billion stock he held directly and through his investment firm, Amperion Power Distribution Limited (indirectly), in Geregu Power.
It was gathered that the sale of 2.82 million shares meant Otedola took N820.67 million out of his N694.45 billion investment in Geregu.
According to a corporate document filed with the capital market authority, Nigerian Exchange Limited (NGX), the investor, who also doubles as the Chairman of Geregu, sold the shares in two days; offloading 1.87 million shares on May 8 and 948,092 on May 9.
The shares Otedola sold represent a 0.11 per cent stake in Geregu. This has reduced Otedola’s controlling stake in the company slightly from 95.55 per cent to 95.44 per cent.
Otedola’s decision to sell part of his Geregu stake followed his move to acquire Transcorp Plc at the worth of N250 billion, but his offer was rejected.
He had also bought a 6 per cent stake in Transcorp plc. However, he later sold it to Tony Elumelu, the majority investor in Transcorp, after they both battled for control of the diversified investment company.
The acquisition, which represented 5.52 per cent of Transcorp’s entire share capital, made Otedola the second largest investor in the company and positioned him on the right path to potentially take over the conglomerate.
