Ellah Lakes Plc (“Ellah Lakes” or “the Company”) today announced the acquisition of 100% equity stake in Telluria Limited (“Telluria”), effective May 7th, 2019. Having complied with all the necessary regulatory requirements, the acquisition was approved by the Nigerian Stock Exchange and by the Securities and Exchange Commission.
The primary objective of the acquisition is to strengthen Company’s balance sheet, restore customer confidence, provide access to new markets, improve operations and create organizational efficiencies that will drive profitability and increase shareholders’ value.
The Board of Directors and Management of Ellah Lakes consider this business combination to be in the best interest of the Company and expect the transaction to;
(a) revitalize management;
(b) create access to diversified expertise and financial strength;
(c) improve administrative and operational and efficiencies of the Company; and
(d) strengthen the Company’s market position by aiding access to new products and markets.