Eterna Oil Goes Back to Capital Market, Targets N8b

Eterna Oil and Gas Plc, is set to raise about N8  billion in a bold move that is aimed at boosting its expansion network.
It is already offering for subscription 533,000,000 units of ordinary shares at N9.95 in rights issue and 287,000,000 units of ordinary shares at N11.50 in public offer.
The development was unfolded by the company’s managing director, Mr. Ibrahim Boyi last week at it’s completion board meeting which held in Lagos. He said that the company has already secured approval of all the relevant regulatory agencies.
Giving an insight into why Eternal Oil is going to the capital market, he explained that the fund was needed for procurement and upgrading of existing storage facilities, upgrade lubricant plants, expand retail outlets and provide additional working capital, even as he added that the company has a hedge finance facility of N4.5 billion obtained for the acquisition of its tank farm in Ibafon.
He also added that the new projects include the refinancing of acquisition of tank farms at Apapa and Abuja; acquisition and development of aviation facilities in Abuja; development of Liquefied Petroleum Gas (LPG) and natural gas infrastructure at Ikot Abasi in Akwa Ibom State; investment in midstream and upstream operations – Amakpe Refinery in Akwa Ibom State; working capital enhancement and retail network acquisition and expansion.