NSE: ARDOVA TO ACT AS MAIN DISTRIBUTOR FOR SHELL BRANDED LUBRICANTS, BRANDED PRODUCTS.
{by Obi Chibueze}
ARDOVA PLC is one of the Nigerian companies that trades its shares on the floor of Nigerian stock exchange market.
ARDOVA PLC, formerly Forte Oil Plc, is engaged in the marketing of petroleum products, which is divided into fuels, production chemicals, lubricants, greases and power generation. The Company operates through four segments: Fuels, Upstream Services, Lubricants and Greases, and Power Generation. The Fuels segment is responsible for the sale and distribution of petroleum products (white products) and Aviation Turbine Kerosene in retail outlets and to industrial customers. The Upstream Services segment provides ancillary services to the exploration and production (E&P) sub sector of the oil and gas industry. The Lubricants and Greases segment manufactures and sells lubricants and greases. The Power Generation segment generates power. It markets industrial, organic and petro-chemicals, including hexane, acetone, calcium hydrochloride and isopropyl alcohol, to local industries. It also markets premium motor spirit, automotive gas oil, dual purpose kerosene and fuel oils, among others.
ARDOVA PLC tendered a notice on the floor of NSE and to the exchange and investing public with regard to a Memorandum of understanding with Shell Trading International Limited to become the main distributor for shell lubricants branded products for the automotive and industrial sectors in Nigeria.
The notice reads:
Pursuant to the post-listing requirements of The Nigerian Stock Exchange (The Exchange) for quoted companies, Ardova Plc (the Company) hereby notifies The Exchange and investing public that following a Memorandum of Understanding with Shell Trading International Limited, the Company will act as the main distributor for Shell Lubricants branded products for the automotive and industrial sectors in Nigeria. This is in order to deepen the Company’s participation in other segments of the lubricant market in Nigeria, including transport and industrials.
This notice was issued on Monday, November 16, 2020 to notify the investing public on the memorandum of understanding. This letter of notice was signed by the Company Secretary/General Counsel, Oladeinde Nelson.
