Ardova to issue N60b bond

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Ardova Plc, former Forte Oil has announced plans to establish a ₦60,000,000,000 bond issuance programme with the potential issuance of series of bonds under the Programme.

In a notification at the Nigerian Exchange Regulation Limited on Monday, the oil marketing firm noted that its Board of Directors via a resolution dated 25 February 2021 resolved to recommend the proposed transaction for the approval of its shareholders, subject to obtaining requisite regulatory approvals and relevant contractual approvals.

“The final decision to proceed with the Proposed Transaction will be subject to market conditions and the specific details of the Proposed Transaction will be disclosed in the appropriate transaction documents at the relevant time,” the notification said.