The new management of Forte Oil Plc said the company is not going to delist on the Nigerian Stock Exchange (NSE) or to buy out the minority shareholders through Mandatory Tender Offering (MTO).
Chief executive officer of the company, Mr. Olumide Adeosun, disclosed this in an interactive session with journalists in Lagos to unveil the new management strategy to drive the company.
Adeosun said that the new owners were in for long term investment and want every stockholder to hold his or her shares. He stated that “Our message to our minority shareholders is that we are going to sustain the business here, we want people to retain their shares in this company.
“Our views and our desires is that people who are stockholders of this company continue to remain stockholders of this company and benefit from the dividend we hope to discuss over time. Our desire to our shareholders is like our desires to our people. We are not going to let them go, we want our shareholders. We want long time investment.”
He noted that the company had put together a strong board made up with professionals that would take the company to the next level. On the brand, he said that the company would likely rebrand in future to reflect the new structure, noting that “Forte Oil brand will remain in place pending when we decide to change it.”