Forte Oil Plc has concluded plans to divest its upstream services, power- generating businesses in Nigeria and downstream business in Ghana.
The company intends to use the proceeds from the divestment to fund the downstream marketing business.
Already, Forte Oil has gotten shareholders’ approval to proceed with the restructuring plans subject to the approval of regulatory authorities.
Notifying the Nigerian Stock Exchange, NSE of its proposed plans, the General Counsel of Forte Oil Plc, Mr. Akin Olagbende said that one of the resolutions at the Annual General Meeting, AGM was that: “Subject to the approval of regulatory authorities, the directors of the company are hereby authorised to restructure the company by divesting its upstream services business (Forte Upstream Services Limited); its power-generating business(Amperion Power Distribution Limited) and its downstream business in Ghana (AP Oil & Gas Ghana Limited) at such time and such terms and condition as may be determined by directors of the company.”
Forte Oil Plc said its decision to divest from upstream services and power-generating businesses will boost its distributable earnings for the benefit of shareholders.