Eterna Plc has commenced its rights issue of 978,108,485 ordinary shares at N22 per share to existing shareholders in a bid to raise new capital to fund operations.
The rights issue is based on three (3) new ordinary shares for every four (4) existing shares held as of November 27, 2025.
The offer will open on January 12, 2026, when the Acceptance List becomes accessible to shareholders, and is scheduled to close on February 18, 2026.
The signing ceremony for the transaction was held on December 2, 2025, following shareholder approval at the company’s Annual General Meeting in July 2025, marking a key step in Eterna’s capital-raising programme.
In FY 2024, Eterna recorded a 71 percent surge in revenue and a 114 percent turnaround in profit after tax, reflecting positioning the business for sustained growth.
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Eterna said the proceeds from the rights issue will be deployed to fund several strategic initiatives across its value chain. These include the expansion of its retail network, upgrading of its lubricant blending plant, enhancement of LPG retail assets, acquisition of commercial delivery assets, expansion of aviation fueling operations, and investments in ESG-related projects.
A portion of the funds will also be used to strengthen operational liquidity, with provisions for inventory financing and short-term trade payables to cushion the company against market volatility, foreign exchange pressures, and potential supply disruptions.
The Rights Circular will be distributed to eligible shareholders by the registrars to the offer. Upon completion of the necessary documentation, the rights will be tradable on the floor of the Nigerian Exchange (NGX).
Eterna operates across aviation fueling, lubricant manufacturing, LPG retailing, and fuel distribution. The company said the capital raise forms part of a broader strategy to deepen its footprint in the downstream sector, navigate emerging regulatory shifts, and position for growth in the energy transition landscape.
The Board of Directors, chaired by Gabriel Ogbechie, OON, believes that the rights issue is expected to enhance the company’s competitiveness and support expansion into high-growth business segments.