DVCF Oil & Gas Plc Sells off 9,468,900 Units of Shares Worth N10.131 Million

DVCF Oil & Gas Plc, a substantial shareholder in waste management and industrial cleaners at The Initiates Plc, has sold off 9,468,900 units of its shareholding worth about N10.131 million.

The sale of shares was disclosed in a corporate notice filed with the Nigerian Exchange Limited on Wednesday.

PUNCH reported that DVCF Oil & Gas Plc sold off part of its shareholding; another major shareholder by the name of Olajide Afolayan acquired 5,994,937 units of TIP shares in two transactions that took place on December 20 and 21, respectively, on the platform of the NGX. He bought five million shares at N1.06 per share and the second tranche of 994.937 units at N1.07 per share. The shares he acquired were worth about N6.364 million.

DVCF Oil & Gas Plc sold off the shares in three transactions at different prices of N1.08, N1.06, and N1.07, respectively.

It was also reported that DVCF Oil & Gas sold about 1.70 million units of its shares at N1.15 per unit in December, and Afolayan purchased two million units at N1.15 each. The share acquisition amounts to about N2.3 million.

According to the Q3 financial statement released by TIP, DVCF Oil and Gas Plc was the largest shareholder, with over 322 million units of the company’s shares, or 35.87%. In comparison, Afolayan held over 68.618 million units, amounting to 7.62% of the company’s shares.

TIP, listed on the Growth Board of the NGX, has an issued share capital of 900,000,000 at 50 Kobo per share.