Aradel Holdings has reached an agreement for the acquisition of an additional 40% equity interest in ND Western Limited.
This takeover is largely about the Switzerland based Petrolin selling its 40% of ND Western, which is the holder of the Oil Mining Lease (OML) 34 Joint Venture with the NNPC E&P.
It also means that, when the regulatory hurdles are cleared, Aradel will have 53% of Renaissance (RAEC), an outcome that will make RAEC a subsidiary of Aradel.
As Aradel Plc already owns 41.7% of NDWestern, this move means that it is aiming at owning 81.7% of the company.
