• Partners inject $210m
The downstream arm of Oando Plc, Nigeria’s leading indigenous energy group, will soon be renamed OVH Energy following the conclusion of the $210 million (about N70.5 billion) recapitalisation of the Oando downstream.
The new name reflects the new owners of the firm, which injected the huge fund to make it globally competitive. The firms that injected the fund include Oando Plclisted on both the Nigerian and Johannesburg Stock Exchanges, HV Investments II B.V., a joint venture owned by Helios Investment Partners, a premier Africa-focused private investment firm and the Vitol Group, the world’s largest independent trader of energy commodities.
The conception of the deal was announcement on June 30, last year and with the conclusion, the new company formed would hold interests in Oando downstream comprising Oando Marketing Limited, Oando Supply & Trading Limited, Apapa SPM Limited, and OandoTrippmart Limited. Oando Plc will retain 49 per cent shareholding in the newly formed corporate vehicle, with the Consortium owning 49 per cent, and the residual two per cent owned by a local entity.
Commenting on the transaction, Oando Plc’s Group Chief Executive, Wale Tinubu, said: “Despite global economic headwinds, we have taken the proactive approach to establish a strategic partnership which will leverage Oando’s sector dominance, considerable local knowledge and expertise; together with HVI’s international, and technical capabilities. This partnership will reinvigorate Nigeria’s downstream sector and create one of Africa’s largest downstream operations. We are extremely confident in the success and potential returns this alliance will deliver.”
The downstream arm of Oando Plc, Nigeria’s leading indigenous energy group, will soon be renamed OVH Energy following the conclusion of the $210 million (about N70.5 billion) recapitalisation of the Oando downstream.
The new name reflects the new owners of the firm, which injected the huge fund to make it globally competitive. The firms that injected the fund include Oando Plclisted on both the Nigerian and Johannesburg Stock Exchanges, HV Investments II B.V., a joint venture owned by Helios Investment Partners, a premier Africa-focused private investment firm and the Vitol Group, the world’s largest independent trader of energy commodities.
The conception of the deal was announcement on June 30, last year and with the conclusion, the new company formed would hold interests in Oando downstream comprising Oando Marketing Limited, Oando Supply & Trading Limited, Apapa SPM Limited, and OandoTrippmart Limited. Oando Plc will retain 49 per cent shareholding in the newly formed corporate vehicle, with the Consortium owning 49 per cent, and the residual two per cent owned by a local entity.
Commenting on the transaction, Oando Plc’s Group Chief Executive, Wale Tinubu, said: “Despite global economic headwinds, we have taken the proactive approach to establish a strategic partnership which will leverage Oando’s sector dominance, considerable local knowledge and expertise; together with HVI’s international, and technical capabilities. This partnership will reinvigorate Nigeria’s downstream sector and create one of Africa’s largest downstream operations. We are extremely confident in the success and potential returns this alliance will deliver.”
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