Ardova Plc Acquires 100% Stake in Enyo Retail and Supply Limited

Chief Executive Officer of Ardova Plc, Olumide Adeosun

Earlier today, Ardova Plc notified the Nigerian Exchange Group Plc, its shareholders, and the investing public that it has reached an agreement with Enyo Retail and Supply Holding Limited to acquire a 100% equity stake in Enyo Retail and Supply Limited. This announcement follows the execution of a share purchase agreement by the parties.

A leading integrated energy company in the marketing of petroleum products Ardova Plc has announced the acquisition of a 100 percent equity stake in Enyo Retail and Supply Limited ("Enyo").

The acquisition which follows the execution of a share purchase agreement by the parties is subject to regulatory approval and final closing of the transaction, in accordance with the share purchase agreement.

Oladeinde Nelson- Cole, Ardova's Company Secretary/General Counsel stated this on Tuesday noting that the parties are committed to closing the transaction.

Ardova Plc ("AP" or the "Company") hereby notifies the Nigerian Exchange Group Plc its shareholders, and the investing public, that the Company has reached an agreement with Enyo Retail and Supply Holding Limited ("ERSHL") to acquire a 100 percent equity stake in Enyo Retail and Supply Limited (Enyo). This announcement follows the execution of a share purchase agreement by the parties.

The parties are committed to closing the transaction, in accordance with the share purchase agreement, as soon as agreed closing conditions are satistied, and regulatory approval is received.

Stanbic 1BTC Capital Limited and Banwo & Ighodalo are acting as Financial and Legal Advisers respectively to AP while Rand Merchant Bank and Herbert Smith Freehills Paris LLP are acting as Financial and Legal Advisers to ERSHL and certain of its shareholders.

Commenting on the deal, Olumide Adeosun, Chief Executive Officer of AP, stated that "On completion, this acquisition will lead to a stronger downstream energy group that benefits from the increased customer reach and service delivery excellence of both companies, with the combination expected to produce stronger financial results".

The statement added that Ardova Plc and Enyo Retail & Supply Limited wil communicate details of future progress made on this acquisition.

Ardova Plc operates a network of over 450 retail outlets spread across Nigeria with major petroleum storage installations in Lagos and Rivers state The Company operates across four segments: fuels, ubricants and greases, liquified petroleum gas; cylinder sales, and renewable energy.

Enyo is one of the newest and fastest growing retail and supply companies in the Nigerian downstream sector. The company currently operates over 90 stations across Nigerla attending to over 100,000 retail customers daily across 15 states of the country.

June 16, 2021