Indigenous oil company, Forte Oil Plc has notified the Nigerian Stock Exchange, NSE, the public and stakeholders of the Securities and Exchange Commission, SEC, approval of its proposed offering by way of Book Building.
The oil firm, in a statement published by the NSE on Wednesday, September 20, however, noted that the equity offer had been placed on hold.
The statement stated that “Board of Forte Oil has taken a strategic decision to put the offering on hold pending the conclusion of an ongoing corporate restructuring with respect to maximizing the emerging opportunities in the Nigerian energy sector (Oil, Gas and Power) which will be to the ultimate benefit of all our stakeholders.”
Book Building is an alternative method of making a public issue in which applications are accepted from large buyers such as financial institutions, corporations or high-net-worth individual, almost on firm allotment basis, instead of asking them to apply in public offer.
