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Ardova completes acquisition of Enyo

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Ardova Plc, an indigenous energy firm, has completed the full acquisition of Enyo Retail and Supply Limited. The acquisition was completed through a wholly- owned subsidiary of the former Bags and Kegs Limited. This is according to a press statement signed by the Company Secretary, Oladeinde Nelson-Cole, and obtained from the Nigerian Exchange Limited (NGX).

The statement partly reads: “Further to the announcement of June 14, 2021, wherein Ardova Plc notified the Nigerian Exchange Limited, its shareholders and the investing public of the execution of a share purchase agreement to acquire 100per cent equity stake in Enyo Retail and Supply Limited, the company is pleased to announce that the transaction has been completed and all conditions have been satisfied.”

According to the recent notice, Stanbic IBTC Capital Limited and Banwo & Ighodalo advised Ardova, while Rand Merchant Bank and Herbert Smith Freehills Paris LLP acted as financial and legal advisers respectively to Enyo. Also, Ardova announced the establishment of its N60,000,000,000 bond issuance programme and the successful issuance of N11,444,000,000 seven-year 13.3 per cent fixed rate bonds and N13,856,000,000 10-year 13.65 per cent fixed rate bonds being tranches A and B respectively of the series 1 bonds under the programme.

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