Public Offer: African Petroleum set to raise N100 billion
Lagos - African Petroleum Plc (AP) is set to raise over N100 billion in its forthcoming public offer and right issue.
This information was disclosed by the Chief Operating Officer of the company, Mr. Tunde Falasinnu to financial correspondents in Lagos.
Mr Falasinnu also disclosed that the company plans to surpass its current financial performance by over 25 per cent, adding that the increase will be witnessed in its dividend payout, turnover and profitability among other financial indices.
He stated that the offer is an indication of its brand new corporate identity and vision in line with its determination to showcase the company to a majority of Nigerians, giving them the opportunity to be part owners of the company.
He said, “We intend to raise over N100 billion from the capital market through a combination of public offer and rights issues. Presently, we can not determine the price at which it is to be sold because we are still waiting for the approval of the regulatory authorities, giving us the green light to undertake the offer. However, when it is approved, we intend to make sure that majority of Nigerians partake in the offer, as this is part of our new vision and corporate image.”
He explained that going by its current supplies and trading activities, it believes that its current profitability level will be sustained and surpassed.
He further disclosed that the company would be presenting the facts behind its figures to members of the Nigerian Stock Exchange (NSE) tomorrow and also plans to roll out the forthcoming public offer immediately it gets the approval of the regulatory authorities.
Concerning the on-going investigation of its share price movement by the Securities and Exchange Commission (SEC), Falasinnu condemned that the decision of SEC to announce that it is probing the company without informing it in the first place and without having concrete evidence to support its investigation.
He denounced SEC’s announcement of investigations and probe of quoted companies without adherence to the proper regulatory practice, adding that the rush to make the announcement is capable of causing panic among investors and adversely affecting the fortunes of the company.
“We only received the letter from SEC that it is probing movements in our share prices only last two weeks. We were invited by it and the questions it asked us were normal questions, they were questions that it could ask any companies, and the questions did not reflect the fact that we committed any grievous offense.
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