M&P Fully Divests from Seplat Energy

Seplat Energy Plc has disclosed that its founding shareholder, Etablissements Maurel & Prom S.A. (M&P), has fully divested its stake in the company.

The divestment involved the sale of 120,400,000 ordinary shares, which were acquired by Heirs Energies Limited and Heirs Holdings Limited. Heirs Energies purchased 86,639,377 shares, while Heirs Holdings acquired 33,760,623 shares. As a result of the transaction, M&P no longer holds any shares in Seplat Energy, and the Heirs group now jointly owns 20.07 per cent of the company’s issued share capital.

In a notification to the company, Seplat Energy confirmed that M&P had sold its entire shareholding, marking a complete exit by one of its original investors.

M&P played a key role in Seplat Energy’s early development, supporting its growth into one of Nigeria’s leading independent energy companies. Seplat Energy expressed appreciation for M&P’s contributions over the years and wished the firm success in its future pursuits.

The company also welcomed Heirs Energies Limited and Heirs Holdings Limited as new shareholders, noting that the Heirs group is expected to contribute strategically to the achievement of Seplat Energy’s long-term goals.

Commenting on the development in a filing with the Nigerian Exchange Limited, the Chief Financial Officer, Eleanor Adaralegbe, acknowledged M&P’s impact on the company’s growth and expressed optimism about the new partnership with the Heirs group as Seplat Energy continues its ambition of becoming a leading African energy company.

Details of the transaction have been formally submitted to the relevant regulatory authorities through the TR-1 Standard Form for Notification of Major Holdings