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Thursday, May 24, 2018
Forte Oil’s shareholders approved the company’s plans to sell assets in Ghana and Nigeria as part of a planned restructuring. The company is selling off the assets to focus more on its fuel distribution operations in Nigeria. According to reports, the approval of the planned sale came as a bit of a surprise as it was expected that shareholders would disagree with the plan.
Chairman of Forte Oil, Mr Femi Otedola, who presided over the company’s AGM explained that the reason for this move was to allow the firm focus more on its Nigerian businesses. He explained to the shareholders that although power business was profitable, it has huge receivables due from the Nigeria Bulk Electricity Trading Plc (NBET) and a significant portion of its distributed earnings was also utilized in servicing the acquisition debt finance.
Otedola emphasized that the planned restructuring will have huge positive impact on the company’s earnings, assuring shareholders that they should get reward for this in the 2018 business year through the payment of dividend.
Assets on the sale block include AP Oil & Gas Ghana Limited, Forte Upstream Services Limited, and Amperion Power Distribution Company Limited.
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