One of the Nigerian leading upstream oil company Seplat Petroleum Development Company is offering the public an opportunity to hold a stake in their company. I think its a good place to invest because the company has recorded a steady growth record, and the chairman Dr. A.B.C Orjiakor, a surgeon turned Oil baron is an astute business leader, one of the few humble, generous and conserved billionaires in Nigeria that does not show off. The company has recorded huge success and are one of the major players in the upstream sector.
Nigerian oil and gas firm Seplat has offered 26.4 percent of its shares in a combined market debut in Lagos and London that values the group at about $1.9 billion. The company, which has sold 143.2 million shares to investors, is raising 82.5 billion naira ($500 million) at a price of 576 naira and 2.10 pounds per share respectively, the oil and gas firm said in a filing with the London Stock Exchange.
Conditional trading in the shares will start in London on Wednesday. In fact, Seplat is the first Nigerian company with dual listings in Lagos and London. ”Despite a challenging market for oil and gas stocks, the response has been excellent and demonstrates strong demand in both London and at home,” Seplat chairman Bryant Orjiakor said in a statement.
Seplat plans to use the net proceeds from the offer to acquire new oil assets and pay down debt and a shareholder loan of $48 million. French Bank BNP Paribas and South Africa’s Standard Bank acted as joint global coordinators and book runners with Renaissance Securities, Citigroup and RBC Capital Markets. Seplat said it has an option to issue additional 10.33 million shares to international investors over the next 30 days.
Source: The Africa Report
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