Mobil Oil Nigeria announces change of name, now 11Plc

The management of Nipco Holdings Plc, on Friday, announced the change of name of Mobil Oil Nigeria to 11 Plc (pronounced as Double-One Plc).

The company noted that all service stations and range of lubricant products would, however, maintain the Mobil brand.

The company had on July 5 this year said the proposed mandatory takeover bid offer period by Nipco Investment Limited of 3.23 per cent equity stake, representing 11,644,544 ordinary shares of 50 kobo each in Mobil Oil Nigeria Plc (held by qualifying shareholders), hadbeen extended.

Further to the earlier closure date announced for the submission of completed acceptance form(s), Cordros Capital, in a filing with the Nigerian Stock Exchange, informed dealing member firms that SEC had granted a formal approval towards the extension of the closing date for the MTO from June 29, 2017 to Jury 27, 2017.

This move, it added in a statement, was targeted at providing all qualifying shareholders ample time to tender their shares and ensure minority shareholder satisfaction.


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