HELIOS Investment Partners would pay $115.8m for 49% of the voting rights in Nigerian oil and gas group Oando plcs subsidiary Oando Gas and Power (OGP), it said on Monday.
The deal will help Oando to bring down debt. At the end of June, the group had total short-and long-term borrowings of 279.7-billion naira ($888.6m) against 138.2-billion naira of total equity.
Oandos shares, which are thinly traded, were unchanged at 40c on the JSE after the announcement. Two years ago they were at 245c.
OGP has 260km of gas infrastructure in Nigeria and delivers 70-million standard cubic feet of gas a day to more than 175 industrial and commercial customers. Africa Oil & Gas Report said there were three bidders for the assets.
Nigeria is critically short…
Read the full article at: http://www.bdlive.co.za/africa/africanbusiness/2016/09/20/helios-stake-to-help-oando-reduce-debt