Private equity fund sells Aradel shares worth N19.8bn

A private equity fund managed by African Capital Alliance sold a total of 24,717,353 shares of Aradel Holdings for N19.81 billion following the listing of the oil and gas company on the Nigerian Exchange Limited last week.

Capital Alliance Private Equity IV Limited sold the shares between October 14 and 16 at an average price of N802.99, according to a filing with the NGX on Tuesday. That compares with Aradel’s listing price of N702.69. 

The sale was “to provide liquidity for the listing of Aradel shares” on the Nigerian bourse, the company said.

Markets Reporters reported on Monday that the oil operator had seen its share price fall 11 percent one week after its listing by introduction.