Ardova Plc is on the cusp of going private, a statement by its directors’ board showed on Monday, roughly forty-five years after the company listed in Lagos.
Ignite Investments & Commodities Limited, the investment portfolio of its majority shareholder and chairman, Abdulwasiu Sowami, has put forward an offer of N17.38 per share in exchange for all the shares held by other shareholders, valuing the deal in the neighbourhood of N16.9 billion.
Mr Sowami holds 74.1 per cent of Ardova’s issued shares and is looking to acquire the rest 25.9 per cent equivalent to 970.7 million units currently in the hands of the investing public.
