LAGOS, Sept 20 – Forte Oil has put a planned 20 billion naira ($64 million) share sale on hold, after it received regulatory approval for the offer, due to restructuring, it said on Wednesday.
Thank you for reading this post, don't forget to subscribe!“The board has taken a strategic decision to put the offering on hold pending the conclusion of an ongoing corporate restructuring with respect to maximising emerging opportunities in the Nigerian energy sector,” it said in a statement.
In August, Forte Oil said it was in talks with a major refinery to form a strategic partnership for local refining of petroleum products in Africa’s top oil exporter. ($1 = 314.5000 naira) (Reporting by Chijioke Ohuocha; Editing by Adrian Croft)