Insider Dealing: Socfinaf S.A Acquires More Stake in Okomu Oil

Ellah Lakes discusses deal to acquire Delta State-based oil palm processing firm
Palm fruit ready to be taken to the mill.

Socfinaf S.A, a foreign investor, which has a substantial stake in Okomu Oil Palm Plc, has further 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).

Prior to this, Socfinaf controls 62.69 per cent of 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 six tranches at the Lagos exchange located on Customs Street, Victoria Island.

Breakdown of the transaction

  • 46,972 – N79.00 per unit
  • 110,904 units – N78.76 per unit
  • 114,301 – N78.69 per unit
  • 77,750 – N78.98 per unit
  • 250 – N78 per unit
  • 103,999 – N79.66 per unit
Therefore, Socfinaf S.A purchased a total of 443,654.00 units at an average price of N78.72 per unit from the Nigerian Stock Exchange in Lagos, bringing the amount to N 35,365,878.61 million for the transactions.
This is in addition to the 2,011,600 units bought at an average price of N78.72 per unit last week, thereby, bringing the amount to N156.6 million for the transactions alone.