Nigeria-focused oil and gas producer Seplat on Tuesday announced plans to issue shares on the London and Lagos stock markets, raising funds to fuel the young company’s expansion.
Founded in 2009, Seplat will become the first Nigerian company to dual list on both the London Stock Exchange and Nigerian Stock Exchange in its bid to raise at least $500 million, the company said in a statement.
“The global offer proceeds will allow us to further implement our business strategy, which includes acquiring new assets,” said Seplat chairman Bryant Orjiako.
“We are confident that Seplat will continue to succeed and flourish as a leading Nigerian oil and gas operating company with a proven track record for delivering value to its investors, while fostering indigenous participation in the Nigerian oil and gas industry,” he added in the statement.
Seplat added that it intended to use a small percentage of the proceeds to repay a loan to French energy group MPI, former subsidiary of Maurel & Prom, which holds a 30.1-percent stake in the company.