Forte Oil said it plans to raise up to 100 billion naira ($503 million) to expand its operations in the country, Africa's biggest economy, and will seek shareholder approval at its annual general meeting on April 26.
Company to raise up to $503 mln to fund expansion
"The capital raising is part of our preparations to take advantage of opportunities in the economy," Akinleye Olagbende, Forte Oil's chief compliance officer, told Reuters.
Nigeria's Forte Oil to raise up to $503 mln to fund expansion
The company may raise the funds through a rights issue, bond or share offering, or global depository receipts, according to a statement issued on Thursday.
Olagbende said the company could explore opportunities in the upstream sector of the oil industry and tap into other viable businesses to bolster its bottom line.
In January, Forte Oil reported a profit before tax of 7.02 billion naira for its 2015 financial year compared with 6.01 billion naira the previous year.
ADVERTISEMENT
($1 = 199 naira)
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Okoloba community calls for Army barracks in Okuama to curb communal clashes
Bag of rice is ₦80k - Cross River workers disappointed with Otu's ₦40k wage
17-year-old yahoo boy hacks EFCC chairman's BVN, bank account details
President Tinubu mourns passing of Second Republic legislator, Sidi Ali
Labour unimpressed by Tinubu minimum wage increase as strike action looms
Peter Obi fires back at Umahi for accusing him of inciting Igbos against FG
Governor Eno allocates ₦2 billion for April gratuity payment
UTME result not in paper format - JAMB counters candidates parading slips
My govt recruited 5,000 workers in 7 years – Obaseki
ADVERTISEMENT