Seplat to List on London and Nigerian Stock Exchanges

Source: Reuters 3/11/2014, Location: Africa

Seplat plans to raise at least $500 million by floating shares on the London and Nigerian stock exchanges to pay down debt and fund acquisitions, it said.

Seplat, in which French energy firm Maurel & Prom and Swiss-based trader Mercuria both have minority stakes, said last year it would seek a dual listing in London and Lagos.

Maurel & Prom has also said it is considering a second listing in London.

A source close to Maurel said Seplat's intention was to float in June and the company's equity value was approximately $1 billion.

Seplat said the main source of its future acquisitions would come from divestments by international oil companies.

BNP Paribas and Standard Bank are joint global co-ordinators, while Renaissance Capital, Citigroup and RBC Europe are joint bookrunners on the flotation.

Seplat pumps around 60,000 barrels per day of oil from three blocks it operates in the Niger Delta. It bought a 45 percent stake in the blocks from Royal Dutch Shell, Total and Eni in 2010. Nigerian state-energy firm NNPC owns the remaining 55 percent.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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