Ellah Lakes receives SEC approval for N235 billion public offer

Ellah Lakes Plc has secured approval from the Securities and Exchange Commission (SEC) for its N235 billion public offer, which is scheduled to open on November 10.

Speaking during a media parley, Chuka Mordi, Managing Director of Ellah Lakes, said the company plans to issue 18 billion new shares as part of the offer. According to him, the capital raise will fund the acquisition of Agro-Allied Resources and Processing Nigeria (ARPN).

Paul Farrer, Deputy Managing Director of Ellah Lakes, added that the company intends to acquire and install a 20-tonne-per-hour mill at the ARPN facility in Edo State. This will complement the existing 6-tonne-per-hour mill already operating at Ellah Lakes’ oil palm plantation in Iguelaba, Edo State.

This is a developing story…