DVCF Oil & Gas Plc, a significant shareholder in waste management and industrial cleaning company, The Initiates Plc (TIP), has divested 9,468,900 units of its shares valued at approximately N10.131 million. The transactions were disclosed in separate insider trading notices filed with the Nigerian Exchange Limited. Concurrently, another major shareholder, Olajide Afolayan, increased his stake by acquiring 5,994,937 units of TIP shares in two transactions on December 20 and 21 at prices of N1.06 per share and N1.07 per share, respectively. DVCF Oil & Gas Plc conducted the share sale in three transactions at varying prices of N1.08, N1.06, and N1.07. The company remains the largest shareholder in TIP, holding over 322 million units, representing 35.87% of the company’s shares. Afolayan, on the other hand, owns over 68.618 million units, constituting 7.62% of TIP’s shares, according to the third-quarter financials of TIP.
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