In a notice sent to the Nigerian Stock Exchange (NSE) on Tuesday, Forte Oil announced the suspension of its book building process.
The company attributed its suspension of the offer to an ongoing corporate restructuring that would enable the firm maximize emerging opportunities in the Nigerian energy sector. The company also promised to keep stakeholders up to date on its plans.
Forte Oil Plc had in August last month, announced plans to offer for subscription up to N20 billion through book building. The announcement was contained in the weekly stock market newsletter issued by the NSE.
Forte had recently denied going into any form of strategic partnership with refineries in the country. Forte oil shares closed at N47.90 in today’s trading session on the NSE, down 43.27% year to date.