{"id":14185,"date":"2017-06-12T14:02:25","date_gmt":"2017-06-12T13:02:25","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=14185"},"modified":"2017-06-12T14:03:32","modified_gmt":"2017-06-12T13:03:32","slug":"forte-oil-plans-n20bn-capital-via-equity-raising-to-further-boost-operations","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/forte-oil-plans-n20bn-capital-via-equity-raising-to-further-boost-operations\/","title":{"rendered":"Forte Oil Plans N20bn Capital via Equity Raising to Further Boost Operations"},"content":{"rendered":"

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Determined to maintain its strategic growth drive, which has started to yield positive results, Forte Oil Plc has disclosed plans to raise N20 billion capital by way of equity out of the N100 billion approved by the shareholders at its\u00a0Annual General Meeting, AGM.<\/p>\n

According to the Executive Director and Group Chief Financial Officer, Mr. Julius Omodayo-Owotuga, who announced this to financial reporters last Friday in Lagos said, \u201cWe have commenced preparation to raise additional capital as we see opportunities,\u00a0we continue to explore them and raise money in tranches.<\/p>\n

\u201cThere are a lot of foreign interests in our company. So when the Foreign Exchange\u00a0problem\u00a0started it affected us\u00a0as most of them offloaded our shares and the market price was affected, but since the\u00a0Nigeria Autonomous\u00a0Foreign Exchange, NAFEX came on board, there has been rally on our shares gradually.<\/p>\n

\u201cOur last fund raising was very successful.\u00a0We raised N9 billion by way of corporate bond.\u00a0This series provided us with the necessary liquidity to actualise our growth strategies and positioned the company for the years ahead.
\n\u201cThe pricing of the debt instrument demonstrates the markets\u2019 belief in us and the pricing has helped us to reduce our borrowing cost.\u201d<\/p>

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He stressed that the equity capital will help it to boost its working capital and operations, adding, \u201cWe have diversified our operations. We have 51 per cent stake in a 414 MW gas-fired independent power plant located in central Nigeria, selling power to the Nigerian power grid on a guaranteed basis.<\/p>\n

\u201cForte Oil maintained its 14 per cent\u00a0market share amongst the major marketers in the White Products segment of the downstream sector as a result of ongoing strategic retail network expansion and growth of our commercial and lubricant customer base despite market difficulties.\u201d Omodayo-Owotuga said<\/p>\n

\u201cWe have five pillars strategies going forward. We want to concentrate on high margin products. We want to focus on lubricants.\u00a0We have been working on our LPG as we improve our facility in Abuja, Kano and Apapa. We want to strengthen our balance sheet. We want long term capital so that interest expenses will come down.\u00a0Diversification is part of our strategy to boost out revenue base. We want to buy upstream assets; we will focus on mergers and acquisition within the space available. We have been growing our market share organically. We are looking t opportunity to grow the retail outlet through inorganic strategy\u201d, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Determined to maintain its strategic growth drive, which has started to yield positive results, Forte Oil Plc has disclosed plans to raise N20 billion capital by way of equity out of the N100 billion approved by the shareholders at its\u00a0Annual General Meeting, AGM. According to the Executive Director and Group Chief Financial Officer, Mr. Julius …<\/p>\n","protected":false},"author":11,"featured_media":14186,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[673],"coauthors":[2392,2393],"class_list":["post-14185","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-forte-oil"],"yoast_head":"\nForte Oil Plans N20bn Capital via Equity Raising to Further Boost Operations - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/forte-oil-plans-n20bn-capital-via-equity-raising-to-further-boost-operations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forte Oil Plans N20bn Capital via Equity Raising to Further Boost Operations - National Wire\" \/>\n<meta property=\"og:description\" content=\"Determined to maintain its strategic growth drive, which has started to yield positive results, Forte Oil Plc has disclosed plans to raise N20 billion capital by way of equity out of the N100 billion approved by the shareholders at its\u00a0Annual General Meeting, AGM. 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