In its most recent corporate report about insider dealing, Geregu Power Plc stated that it had experienced a strong trading session.
The business said that a majority shareholder has successfully completed a series of share transactions totaling 40 million units in a deal valued over N14.5 billion, demonstrating the trust of the market.
Between December 21 and December 27, there was a great deal of activity as institutional investors snapped up the shares.
A total of 5 million units, 18, 222,500 units, and 16, 777, 5000 units for N360.3, N360.2, and N370 per share were sold, according to the details in the company’s insider trading news statement.
The total value of the shares sold amounts to a whopping N14.5 billion averaging N364.32 share price. Geregu Shares currently trade at N399 per share and are close to hitting the N1 trillion market capitalization.
The company revealed that Amperion Power Distribution a majority shareholder of the company sold the shares in a “crossed deal” done across three trading days.
Market sources however suggest billionaire, Femi Otedola is the likely seller of the shares. Otedola is the majority shareholder of Amperion Power.
The billionaire has been selling down shares to institutional investors in a sign that indicates the attraction the stock has continued to garner.
Nairametrics has noted that such enthusiasm is a strong indicator of the market’s confidence in Geregu Power.
Since its listing on the exchange at N100 per share, Geregu Power has seen exceptional growth in valuation, now trading at approximately N399 per share.
The company’s stock performance is outstanding, with a 167% return, positioning it as one of the stellar performers on the exchange.
Fundamentals: The company’s financial achievements are also noteworthy.
Geregu Power has already exceeded its 2022 full-year earnings of N10 billion within the first nine months of 2023, reporting a profit of N12 billion.
The company has a total assets of N157.5 billion and is the first and only power-generating company quoted on the Nigeria Exchange.
With a dividend declaration of N20 billion from its 2022 results, Geregu Power is not just rewarding its shareholders but also signaling its robust financial position as it approaches a market capitalization close to N1 trillion.
