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Preline Limited launches takeover bid for Eterna Plc

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PRELINE Limited has proceeded with a bid to acquire 1,300,000 ordinary shares – equivalent to 0.10 per cent equity stake – in Eterna Plc from other shareholders at a price of N13.50 per share.

This was contained in a notification by Eterna’s company secretary, Mandella Golkus, to the Nigerian Exchange Group (NGX).

Prior to now, Preline Limited had acquired 60.98 per cent shares in Eterna Plc, making it the largest shareholder in the firm.


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Preline Limited is the investment arm of Rainoil Limited, an integrated downstream company in Nigeria.

The statement read in part, “We refer to Eterna Plc’s (“the Company”) public statement dated 1st November 2021 in which the Company had notified the general public that Preline Limited has completed the acquisition of 794,969,774 (Seven Hundred and Ninety-Four Million, Nine Hundred and Sixty-Nine Thousand Seven Hundred and Seventy-Four) ordinary shares of the company representing 60.98% in the Company, making it the largest and majority shareholder in the Company, thus triggering the mandatory tender offer (MTO) provisions of the Investment and Securities Act and Securities and Exchange Commission (SEC) Regulations.

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“We wish to announce to the Nigerian Exchange Limited and the general public that following the granting of the ‘Authority to proceed’ by SEC, Preline Limited has notified the Company of its intention to proceed with the takeover bid to acquire 1,300,000 ordinary shares, equivalent to 0.10% equity stake, in Eterna Plc from other shareholders at a price of N13.50 per share.”

Meanwhile, the Board of Directors of Eterna Plc has appointed Mr Benjamin Nwaezeigwe as the company’s Acting Managing Director/Chief Executive Officer effective April 27, 2022.

A statement signed by its secretary, Mandella Golkus, explained that Nwaezeigwe was succeeding Mr Nnamdi Obiagwu, who recently resigned from its services.

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Experienced Business reporter seeking the truth and upholding justice. Covered capital markets, aviation, maritime, road and rail, as well as economy. Email tips to jolaoluwa@icirnigeria.org

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