Ellah Lakes Plc has listed an additional 1.88 billion shares on the main board of the Nigerian Stock Exchange.
The company said on Monday that the listing would create options for investors in the agri-business segment of the NSE, and “is expected to provide increased liquidity to existing shareholders.”
The outgoing Chief Executive Officer, Ellah Lakes, Frank Ellah, at the Facts behind the Listing at the NSE, said, “Today marks a milestone in the history of our company. After a number of years of challenging operational performance and trading illiquidity, with our new management in place, I am pleased to see the new trajectory of our growth as a business.
“We welcome existing and new shareholders to participate in our growth story.”
The new Chief Executive Officer, Chuka Mordi, said, “We are pleased to be embarking on this new phase in the journey of Ellah Lakes Plc. With the business combination of the assets of Telluria, Ellah Lakes is in a great position to deliver value to all shareholders.”
He said the enlarged Ellah Lakes was built on a foundation of growth to meet the needs of Nigerians for agricultural products, both as retail consumers and as industrial partners.
“We believe and expect to partake in Nigeria’s growth story as we continue to support the communities we operate in, and all our stakeholders,” Mordi added.
The CEO, NSE, Oscar Onyema, said the listing had marked the beginning of a new era for the company after the previous shutdown of its operations due to militant activities and vandalism of the company’s assets.
He said the new management team had successfully revived the company’s operations and turned around its listing status at the NSE.
Onyema said, “We are pleased that the company has chosen to use this platform to inform the market of its strategic plans, operational developments and financial projections.
The Exchange recognizes the role played by the board, management and other parties in the Telluria Limited acquisition transaction. We also commend ongoing efforts to restructure and diversify the company’s operations from fish farming to a more competitive business in oil palm cultivation and processing.
