ETERNA plc, an indigenous integrated energy company says it will be strengthening its investment in the Liquefied Petroleum Gas (LPG) space and set up the necessary infrastructure for market penetration.
The company also plans to grow its retail footprints in the country as part of the effort to provide energy solutions in efficient and innovative ways, while continuing the trajectory of its five-year strategic plans.
The company stated this at its 29th annual general meet- ing (AGM) in Lagos while assuring its shareholders of improving performance and returns on their investment in the years ahead, as it seeks to consolidate the gains from recent initiatives by the new board and management.
The AGM is the first after the emergence of the new majority core investor; Pre- line Limited. Preline Limited acquired 60.98 percent stake in the company, making it the largest and majority shareholder.
With the emergence of the new majority core investor, the board and management of Eterna plc has assured shareholders that despite the global challenges faced by the industry, there is hope for growth and a better future outlook for the company.
Addressing shareholders at the AGM, chairman, Eterna plc, Gabriel Ogbechie, noted that the company’s goal to be Africa’s preferred energy company while providing efficient energy solutions is still on course.
“We will continue to focus on delivering value to our shareholders as we continue to drive the growth and profitability of our business,” Ogbechie stated.
According to him, the company will actively continue to play across the energy value chain, covering production, transportation, and distribution of energy solutions vital for economic growth and development.
“We will be the first choice for our customers as we seek to dominate the African energy industry by strategically expanding our operations and growing market share.
“With the addition of the new investor, the prospects have continued to look up for our company, considering the track record, resolute commitment to stakeholder value addition and the industry experience the new investor brings.
“The investment demonstrates the belief in the potential of our company,” he emphasised.
Ogbechie affirmed that the company will begin to incrementally improve its involvement in the aviation space with the retail of avia- tion turbine kerosene. He said that the company has also introduced various initiatives targeted at enhancing market presence, growing volumes and local brand equity for its lubricants.
Eterna plc is the sole distributor of Castrol products in Nigeria and subsequently other West African countries.
“In relation to new businesses, we have commenced discussions with some potential strategic partners with a view to exploring opportunities in identified growth areas within the energy space.