Ellah Lakes has been on a bullish run days after it announced plans to raise N200 billion for the 100 percent acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN) from ARPN PTE Ltd, a Singapore-based entity jointly owned by Tolaram Africa and Valuestar Holdings.
Shares of Ellah Lakes rose 10 percent on Monday with a volume of 80 million, one of its best in recent weeks after it achieved a record high of 145 million on July 11. The stock that began the year at N3.16 has gained 369 percent on that price valuation to close trading at N14.81 per share.
Investors are betting on the expansion push to power bountiful returns as the agro-industrial company moves to position itself as one of the indigenous oil palm firms in Africa’s most populous nation in terms of scaling.