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Geregu Power Plc has notified the Nigerian Exchange Limited and the investing public of its discussions with the Fund for Export Development in Africa (FEDA) for the acquisition of a portion of Geregu Power Plc shares.
FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank).
“The discussions are currently on going and where these talks progress to a more advanced stage, the Company will notify the Exchange and the investing public in line with the rules of the Exchange,” Geregu Power said.
For the year ended December 2021, Geregu Power’s net income surged by 45.53 percent to N20.54 billion from N14.12 billion as at December 2020.
It earns sizable profit from business function for a given period as operating profit soared by 54.55 percent to N29.52 percent in December 2021 from N19.10 billion the previous year.