Socfinaf S.A, a foreign investor, which has a substantial stake in Okomu Oil Palm Plc, has increased its stake in the Nigerian company.
Socfinaf S.A recently increased its holding in the firm by acquiring over 2 million units of the company’s stocks at the Nigerian Stock Exchange (NSE).
Socfinaf controls 62.69 per cent of the Okomu Oil.
The main activity of Socfinaf involves managing a portfolio focused primarily on the operation of almost 139 600 hectares of tropical oil palm and rubber plantations located in Africa.
A notice from Okomu Oil said the purchase of the additional shares was done in three tranches at the Lagos exchange located on Customs Street, Victoria Island.
Breakdown of the transaction
- 1,883,759 – N77.98 per unit, (amounting to N146.9 million)
- 13,540 units – N78 per unit, (amounting to N1.1 million)
- 114,301 – N74.76 per unit, (amounting to N8.6 million)
Therefore, Socfinaf S.A purchased a total of 2,011,600 units at an average price of N78.72 per unit from the Nigerian Stock Exchange in Lagos, bringing the amount to N156.6 million for the transactions.