National Wire About Nigerians, Nigerian Business and Other Stories
Shareholders of Capital Oil Plc on Thursday July 26, 2018 approved the sale of N6 billion unalloted / treasury ordinary shares of the company to Pinnacle Oil and Gas Limited at the rate of 10 kobo which amounts to N600,000,000 (Six Hundred Million Naira).
This was one of the key highlight of the Extra Ordinary Meeting (EGM) that was held in Lagos. However, the approval of shareholders is still subject to regulatory approval of the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).
This was after a special resolution, that requires shareholders to modify an ordinary resolution of the company passed at their Annual General Meeting on 14, December 2016, which states that N3,384,400,000, (Three Billion, Three Hundred And Eighty Four Million, Four Hundred Thousand) unalloted / or treasury ordinary shares be sold to willing and interested investors.
Responding to shareholders questions, Capital oil Chairman Dr Joseph Niyan Taiwo explained that this is the first step in their efforts towards reviving the company. Capital Oil Plc has gone through a major turnaround exercise since January 2012, an initiative that the key shareholders embarked upon to rescue it from imminent collapse and restore value to all shareholders.
While Pinnacle Oil and Gas Limited is an indigenous oil company, wholly owned by private Nigerians. Its core area of interest are petroleum products importation, marketing and distribution, supply chain infrastructure, marine logistics, Haulage operation and storage facilities.
Photo Caption: Capital Oil Plc Logo
