In a letter to the NSE, the company revealed that Boval S.A, acting on behalf of itself, Leventis Holding S.A., and Leventis Overseas Limited, has approached the board of directors of the company with intention to acquire the shares held by other shareholders of the company.
The company further revealed that it gave the shareholders an offer price of 53 kobo per share which according to the company’s Secretary, MS. Bola Adebisi represents a premium of 85 per cent to the 60-day volume weighted average share price.
MS. Bola Adebisi also added that the offered share buying price is 4 percent higher than the company’s closing share price on 23 September 2019.
The proposed transaction will be implemented under a Scheme of Arrangement in line with section 539 of the Companies and Allied Matters Act, Cap C.20 Laws of the Federation of Nigeria, 2004.
“The proposed transaction is still subject to the review and clearance of the Nigerian Stock Exchange and the Securities and Exchange Commission as well as the approval of the shareholders of the company,” said MS. Adebisi.
“Further developments will be communicated to shareholders in due course.”
She also AGL shareholders to exercise caution in dealing in AGL’s shares until further information is provided.
AGL provides its customers with a variety of products and services, in several various industries, such as power and gas products, consumer food pastry & bakery products, real estate properties, hotel Accommodation services, commercial vehicle, sales & after sales services, and Printer ink supplies.
The company operates through numerous subsidiaries and affiliated companies, including Leventis Foods Ltd, Leventis Motors, Abuja (Capital Motors) Ltd, Mainland hotel, Leventis Real Estate, Druckfarben Nigeria Ltd, and Chrisstahl Nigeria Ltd.
The once profitable conglomerate has however, in the recent past been making losses.
AG Leventis began 2019 in the red incurring a loss after tax of N291.960 million for the first quarter ended March 2019 which was a slight improvement compared to a loss after tax of N311.594 million reported in 2018.
The Chairman, AG Leventis, Ahmed Kazalma Mantey, attributed the company’s losses to the recession in its main market Nigeria and a reduction in credit opportunities.