Wednesday, August 29, 2007

Offor Will Not Divest ERHC Holding, Chrome Says

Putting a damper on rampant rumor-mongering that suggested Sir Emeka Offor would divest or merge his 42 percent holding in ERHC Energy, the Chrome Group today issued an unusual statement declaring the former ERCH chairman and CEO would maintain and perhaps "enhance" his holdings. The news, however, dampened the share price, and while only 54,950 shares traded before 11:30 a.m. EST this morning, the price dropped from yesterday's close to $0.27 Ask and $0.275 Bid.

Here is the Chrome Group press release:

Securities Alert

PR Newswire and BusinessWire News

No Plans to Divest Interest in ERHC - Sir Emeka Offor
PR Newswire
6:59 AM ET

Sir Emeka Offor, the former Nigerian chairman of Houston-based ERHC Energy has said that he has no plans to divest his interest in ERHC. Indeed, he is currently consulting on enhancement of that holding. In a statement released to the press in Abuja, Nigeria, by the Group Chief Communications Officer, Mr. Val Oji confirmed that the holding of the billionaire businessman who voluntarily resigned as chairman and director of ERHC recently to concentrate on growth plans for Chrome Group, remains intact. "ERHC remains a healthy and viable business; our commitment to the company is total; therefore the issue of divesting does not in any way arise", the statement concluded.

In another development, the group informed journalists that it has repositioned its operations to meet the ever-changing challenges of doing business in a developing economy. Under the new arrangement, the oil and gas giant has rolled out a robust Corporate Social Responsibility (CSR) program aimed at affecting the lives of Nigerians positively, and other host communities where it operates. To be fully integrated into its corporate strategy in line with emerging best-in-class global practices, the main thrust of the CSR program is uplifting the well-being and living standards of the host communities where it operates and Nigerians in general.

Chrome Group will in the immediate future give more back to society. The CSR-centric strategy as envisaged will in the next two years focus on two key areas of intervention, namely: youth empowerment and promotion of a renewab i.e., sustainable and more conducive environment.

Explaining the reason behind the new strategy, Mr. Oji said, "Chrome Group in line with the philosophy of its founding fathers has made considerable inroads in Nigeria and countries outside Nigeria and, in most of these places has left a positive mark on the business landscape and continues to do so to date. The time has come to re-strategize and reposition with a view to remembering all those that are contributing to the success story that the group has become today. Today is the beginning of a whole new chapter in the life of the group - an era of total alignment of the group's Corporate Social Responsibility (CSR) programs with its corporate strategy."

About Chrome Group

Chrome Group is a leading multibillion dollar regional conglomerate based in Abuja, Nigeria with vast interests in oil and gas, insurance, destination inspection services, bio-fuels energy production, petroleum products trading, the power sector, real estate, logistics and dredging services. Chrome Oil Services Limited, the pioneer company in the group has been doing business since the early 1990s and has handled key projects (as part of a consortium) like the turnaround maintenance (TAM)for the Port Harcourt refinery- Nigeria's largest refinery. In addition to its commercial business activities, the group is committed to its Corporate Social Res ponsibility (CSR) programmes through which it intervenes strategically in key areas of youth empowerment and promoting and sustaining a renewable and greener environment. The group employs over 800 staff worldwide. Chrome Group is also a non-racial and equal opportunity employer.

SOURCE Chrome Group

No comments: