DVCF Oil & Gas Plc, a substantial shareholder in waste manager and industrial cleaners, The Initiates Plc, has sold off 9,468,900 units of its shareholding worth about N10.131m.
This was disclosed in separate notices on insider trading filed with the Nigerian Exchange Limited on Wednesday.
While DVCF Oil & Gas Plc sold off part of its shareholding, another major shareholder, Olajide Afolayan, acquired 5,994,937 units of TIP shares in two transactions that took place on December 20 and 21 on the platform of the NGX. He bought five million units of 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 N6.364m.
DVCF Oil & Gas Plc sold off the shares in three transactions at different prices of N1.08, N1.06 and N1.07 respectively.
Earlier in December, DVCF Oil & Gas Plc had sold about 1.70 million units of its shares at N1.15 per unit and Afolayan, purchased two million units of its shares at N1.15 each. The share acquisition amounts to about N2.3m.
According to the third quarter financials of TIP, DVCF Oil and Gas Plc was the largest shareholder with over 322 million units of the company’s shares which is 35.87 per cent, while Afolayan held over 68.618 million units amounting to 7.62 per cent of the company’s shares.
TIP, which is listed on the Growth Board of the NGX has an issued share capital of 900,000,000 at 50 Kobo per share.
