By Moses Patience Chat
The majority shareholder of Geregu Power Plc, Femi Otedola, has sold over 2.8 million units of his shares in the power generation company to his brother Olurotimi Paul Otedola.
According to a corporate filing on the Nigerian Exchange Limited on Wednesday, Otedola sold the shares in transactions that took place on Monday and Tuesday respectively.
Otedola sold a portion of 1,875,000 units of Geregu shares at N288.9 and another 948,092 units at the rate of N290.7 in deals worth N817.297m.
His brother, Olurotimi Paul, increased his stakes in Geregu Power when he acquired 300,000 units of shares from the Company.
Valuechain gathered that Olurotimi purchased the shares at the rate of N288.9 per share, bringing the total to N86.67m.
