Ardova Plc Series 1 Tranche A and B Bonds Issuance of Up to N22bn Now Open

Proshare

Thursday, October 07, 2021 / 4:33 PM / by Stanbic IBTC / Header Image Credit: Nairametrics


We are pleased to inform you that book build for Ardova Plc's ("Ardova" or the "Company") up to N22 billion (Tranche A-7 year & Tranche B-10 year) Series 1 Bond Issuance under its N60 billion Bond Issuance Programme (the "Issue") is now open and scheduled to close on Friday, 15 October 2021.


Ardova, formerly Forte Oil Plc, is Nigeria's leading indigenous and integrated energy company involved in the distribution of petroleum products with a strong presence in the thirty-six (36) states of Nigeria and the Federal Capital Territory, Abuja. The Company boasts of an extensive network of over 450 retail outlets and several storage facilities across the nation. The Company was incorporated as British Petroleum (Nigeria) in 1964 and is also listed on Nigerian Exchange Limited.


Ardova procures and distributes Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Dual Purpose Kerosene (DPK), Aviation Turbine Kerosene (ATK), Fuel Oils and Liquefied Petroleum Gas (LPG). Ardova also provides aircraft refuelling operations at its Aviation Joint User's hydrant in Ikeja and Joint Aviation depots in Abuja, Port-Harcourt and Kano, making the Company one of Nigeria's leading providers of aviation fuel for local and international airlines. 


The Company also manufactures and distributes a wide range of quality lubricants (which include Super V, Visco 2000 and Diesel Motor Oil) from its blending plant in Apapa, Lagos. Ardova is the sole distributor of Shell branded lubricants and greases in Nigeria and the logistics provider for the distribution of Texaco branded Havoline Engine Oils and Lubricant in Nigeria.


Furthermore, the Company develops clean energy hubs and mini-grids and also provides renewable energy solutions through its Solar brand which distributes low-cost solar power solutions to domestic customers. In 2020, Ardova incorporated a wholly-owned subsidiary - Axles and Cartage Limited, which is involved in the haulage and transportation of energy products to achieve operational efficiency in the distribution of its petroleum commodities. The Company has also recently commissioned the construction of a 20,000 MT LPG storage and blending facility at its Apapa terminal.


The Company recorded the largest sales of PMS amongst all Major Oil Marketers Association of Nigeria ("MOMAN") peers in 2020 with a market share of 27.3% and has an Issuer rating of A from DataPro Limited ("DataPro") and A- from Global Credit Rating Company Limited ("GCR").

     

Please see below the indicative terms of the Issue:

Proshare Nigeria Pvt. Ltd. 

 

Visit Ardova Plc IR Page in Proshare MARKETS 

 

Graph - One Year Share Price Movement

Proshare Nigeria Pvt. Ltd. 

Table:  Q1 2021 Unaudited Results

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

 

Related News

  1. ARDOVA to Acquire 100 of Enyo Retail Supply...
  2. ARDOVA to Hold 42nd AGM on April 12 2021 Lists Proxies...
  3. ARDOVA Notifies of Proposed N60bn Bond Issuance Programme...
  4. Ardova Plc Declares N1.9bn PAT in 2020 Audited Results Proposes 19k Final Divid...
  5. ARDOVA Approves 2020 Audited Results Recommends Payment of Final Dividend...
  6. ARDOVA Notifies of Board Meeting Date and Commencement of Closed Period...
  7. Ardova Plc Announces Change of Registered Address...
  8. Ardova Signs Lubricants Deal With Shell in the Nigerian Market...
  9. Ardova Plc Declares N1.9bn PAT in Q3 2020 Result SP N12.65k ...
  10. Ardova Plc Notifies of Board Meeting Date and Commencement of Closed Period...

Proshare Nigeria Pvt. Ltd.
READ MORE:
Related News
SCROLL TO TOP