Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Aerial view of the liquefied natural gas plant at Bonny Island in Nigeria's Rivers State on March 22, 2013/AFP

World

Nigerian oil firm Seplat says will float in London, Lagos

Aerial view of the liquefied natural gas plant at Bonny Island in Nigeria's Rivers State on March 22, 2013/AFP

Aerial view of the liquefied natural gas plant at Bonny Island in Nigeria’s Rivers State on March 22, 2013/AFP

LONDON, March 11- Nigeria-focused oil and gas producer Seplat on Tuesday announced plans to issue shares on the London and Lagos stock markets, raising funds to fuel the young company’s expansion.

Founded in 2009, Seplat will become the first Nigerian company to dual list on both the London Stock Exchange and Nigerian Stock Exchange in its bid to raise at least $500 million (361 million euros), the company said in a statement.

“The global offer proceeds will allow us to further implement our business strategy, which includes acquiring new assets,” said Seplat chairman Bryant Orjiako.

“We are confident that Seplat will continue to succeed and flourish as a leading Nigerian oil and gas operating company with a proven track record for delivering value to its investors, while fostering indigenous participation in the Nigerian oil and gas industry,” he added in the statement.

Seplat added that it intended to use a small percentage of the proceeds to repay a loan to French energy group MPI, former subsidiary of Maurel & Prom, which holds a 30.1 percent stake in the company.

 

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...