Ardova Plc (AP) an integrated energy company based in Nigeria, has announced that it is in acquisition discussions with Enyo Retail and Supply Limited (“Enyo”).
This announcement was made in a statement released by Ardova to the Nigerian Stock Exchange.
Enyo, established in 2017 and owned majorly by Folawiyo Energy, is one of the newest and fastest growing retail and supply companies in the downstream sector. It currently operates over 90 stations across Nigeria attending to over 100,000 retail customers daily across 15 states of the country.
Ardova currently operates a network of 450 retail outlets spread across the Country with major petroleum storage installations at both Apapa (Lagos State) and Onne (Rivers State). It recently closed a deal to sell Shell Lubricants for Nigerian Market.
CEO of AP, Mr Olumide Adeosun, explained that immediately following completion, AP will look to retain the Enyo branded stations which will operate side by side with the AP brand whilst leveraging the strengths of AP and its group companies. He stressed further that parties are committed to concluding the deal by the end of Q1 2021.
Ardova made a profit after tax of N1.8 billion in the first 9 months of the year compared to N2.5 billion the year before. Its full-year profit in 2019 was N3.9 billion.
Ardova Plc and Enyo Retail & Supply Limited will provide further information on progress made on the proposed acquisition.
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