Ardova close to exiting Nigerian Exchange as shareholders accept N17.4 billion buyout

Consummating the deal will mark the exit point for Ardova from the Nigerian bourse, fifty-three years after its precursor, African Petroleum, was admitted to the stock market.Keywords: Ardova, Nigerian Exchange

reached the critical stage of delisting its shares from the Nigerian Exchange after a buyout agreement that will see minority shareholders get 2.9 per cent more than the settlement price the acquiring investor initially offered them.

Businessman Abdulwasiu Sowami, who already owns an indirect stake of 74.1 per cent in the company, had early this yearThe latest contract means Mr Sowami will pay N17.4 billion compared to the N16.9 billion proposed before the two sides held talks.

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