Wednesday, May 23, 2018 04.45 PM / Proshare WebTV
Shareholders today approved the divestment plan of Forte Oil Plc from its subsidiaries, as part of its restructuring plan.
This was one of the key decisions arrived at the 39th Annual General Meetings hosted at the Bespoke Event Centre, Lekki-Epe Expressway, Lagos.
The Subsidiaries include; AP Oil & Gas Ghana Limited (“APOG”, 100% owned), Amperion Power Distribution Company Limited (“APDC”, 57% owned) and Forte Upstream Services Limited (“FUSL”, 100% owned).
Forte Oil Plc will have its flagship Petroleum Marketing Segment as its surviving business-line post-restructuring period.
The restructuring process is expected to take between 6-9 months before completion.
At the meeting coordinated by Mr Femi Otedola, Chairman Forte Oil Plc the Group CEO of the company Mr. Akin Akinfemiwa said “We had a board meeting to deliberate on the future of the company in a deregulated market. We concluded on focusing our resources on our core competence, and streams of uninterrupted dividends for our shareholders.”
Mr Akinfemiwa shared that despite the challenging 2017 financial year, Forte Oil prioritized the shareholder value of the company.
The Group Executive Director, Finance & Risk Management Forte Oil PLC Mr Julius Omotayo-Owotuga also confirmed at the AGM that shareholder dividends will be paid at the end of the 2018 financial year.
Highlights of the AGM was the re-election of Mrs. Salamatu Suleiman and Mrs. Maira Mandara as members of the Audit Committee.