Oil and fuel firm Eterna Plc has introduced that its shareholders have authorized a plan to boost as much as N50 billion by varied funding choices.
The approval was one in every of a number of resolutions handed at its thirty second Annual Common Assembly, held on Thursday, July 24, 2025, as disclosed in a latest submitting on the Nigerian Alternate (NGX).
In response to the disclosure, the capital increase could also be executed in a number of transactions by public choices, non-public placements, rights points, or shareholder loans.
Ultimate construction and particulars of the capital increase, together with tranches, sequence, timing, rates of interest, and maturity intervals, might be decided by the Board of Administrators.
Shareholders additionally authorized a decision to extend the corporate’s share capital by the precise variety of extraordinary shares required for the capital increase.
As a part of the capital increase, the Board authorized the choice of a Rights Difficulty.
To help the method, the Board is permitted to take all needed steps, together with itemizing the brand new shares on the Nigerian Alternate and different markets, appointing advisers, finalizing the provide construction, and assembly regulatory necessities.
The Firm Secretary has additionally been licensed to register the share capital enhance with the Company Affairs Fee in phases, as directed by the Board.
Abnormal enterprise:
On the assembly, shareholders obtained and authorized the corporate’s audited {financial} statements for the 12 months ended thirty first December 2024.
Necessary board issues additionally took heart stage, together with the ratification of recent director appointments and the re-election of current administrators.
Shareholders additionally authorized the appointment of PricewaterhouseCoopers as the corporate’s impartial auditor for the 12 months.
As well as, members had been elected to serve on the statutory audit committee, whereas the board confirmed the remuneration for administrators.
