Forte Oil Plc set to rebrand its name to Ardova Plc.

An indigenous energy group, Forte Oil (FO) Plc recently notified its shareholders of plans for a re branded of name to Ardova Plc.

The company stated this in a notice of Extra General Meeting (EGM) posted on the Nigerian Stock Exchange (NSE) web site and signed the acting Company Secretary by Oladeinde Nelson-Cole.

The company would be seeking shareholders resolution for a name change at an EGM slated for Dec. 17.

Explaining further, Nelson-Cole said that the company’s directors at the meeting would be empowered to authorise, approve, sign or execute all documents and appoint advisers regarding the matter where necessary.

The acting company secretary said that they were also expected to comply with the directives of regulatory authorities to make the name change possible.

Nelson-Cole noted that the register of members and transfer of books of the company would be closed from Dec. 6 to Dec. 15, for the purpose of attending the EGM.

According to reports, the share price of Forte Oil Plc reached a new high on June 19, driven by record off-market trading as Nigeria’s billionaire businessman, Femi Otedola, completed the sale of his stake in the oil and gas company.

Specifically, a total of 970,166,694 units of FO were done as off-market trades at N66.25 per share.