Rainoil has acquired a majority stake in Eterna Plc, a publicly listed oil and gas company.
Rainoil acquires a majority stake in Eterna Plc. The acquisition was completed following the successful purchase of majority shares of Eterna Plc, through its investment arm – Preline Limited.
Rainoil Acquires a Majority Stake in Eterna Plc On the 21st of December 2020, Eterna Plc, an oil company based in Nigeria, issued a public statement notifying shareholders, the Nigerian Exchange Limited and the public of negotiations by substantial shareholders to sell equity holdings in the company.
Word has it that Rainoil acquired a majority stake in Eterna Plc on the 25th of August 2021. Eterna Plc announced the execution of a Sale and Purchase Agreement (SPA) enabling Preline Limited to acquire 794,976,974 shares.
The acquisition of the majority stake in Eterna Plc is in alignment with our targeted expansion strategy across the oil and gas value chain, and positions Rainoil for sustainable growth, “said Gabriel Ogbechie, Rainoil Group managing director.
According to him, he says “It also underlines our commitment to Nigeria at this critical evolution point of the Energy Sector. We also expect that this will reinvigorate the fortunes of Eterna Plc and optimize the company for improved performance. “