21 December 2016, Lagos – Oando Plc has completed partial divestment of its 49 percent equity stake in its midstream business subsidiary, Oando Gas and Power, OGP Limited, worth $115.8 million to Helios Investment Partners , an African-focused private investment firm.
The deal is consummated through Glover Gas & Power, a special purpose vehicle owned by Helios Investment Partners.
Meanwhile, the stock market continued its downward spiral yesterday on account of profit taking by bargain hunters leading to loss of N16 billion in investors’ wealth.
At the close of transactions, the market capitalisation of listed equities fell to N9.132 trillion as against N9,148 trillion recorded the previous day, thus representing 0.2 percent decline.
Similarly, the All Share Index, ASI, declined by 0.2 percent to settle at 26,540.87 points from 26,586.56 points. However, activity across sector was mixed during the day, with insurance and industrial goods sectors recording marginal increase.
The oil and gas sector impacted by 9.74 percent and 1.67 percent decline in Forte Oil Plc and Eterna Plc respectively recorded the worst return of 1.85 percent during the day.
The banking sector returned negative 0.37 percent on account of losses in shares of Diamond Bank Plc, and Fidelity Bank Plc which dropped by 1.90 per cent and 1.15 percent respectively.
The Consumer goods sector declined by 0.08 percent, while the insurance sector and industrial goods sectors posted 0.44 percent and 0.89 percent return respectively.
In his comment on the equity divestment, Wale Tinubu, CEO, Oando Plc, said: “The commencement of this strategic partnership underlines Oando’s status as the indigenous partner of choice for international firms in our industry, while also acknowledging the Group’s unwavering commitment to improving access to gas and power solutions for industries, consumers and commercial counter-parties in the sub-region. This partnership will firmly leverage OGP’s local knowledge and expertise, alongside Helios’s global network and financial capabilities to optimise our existing operations and expand our footprint.”
Read more at: http://www.vanguardngr.com/2016/12/oando-completes-115-8m-gas-power-partial-divestment-helios/