Some major shareholders of Eterna Plc have commenced the selling of their equity stakes in the oil and gas company.
In a regulatory filing signed by the Company Secretary, Bunmi Agagu, yesterday, Eterna stated that some of its substantial shareholders have informed its board of ongoing negotiations to sell their equity holdings in the company to a new investor.
According to the company, as part of the process of the prospective sale, the proposed new investor intends to undertake due diligence exercise on the company.
The board of Eterna, at its meeting, yesterday reviewed the request for due diligence and approved it.
“However, as a shareholder driven transaction, the company is yet to have full details of the transaction,” Eterna stated.
Eterna assured that it would continue to update the investing public as more details about the transaction become available, in line with extant rules at the stock market.
Incorporated as a limited liability company in 1989, Eterna became a public limited liability company in 1997 and had its shares listed on the Nigerian Stock Exchange (NSE) in August 1998.
