Talk of listing lifts up M&P

FRENCH oil explorer Maurel & Prom’s (M&P) shares rose nearly five per cent yesterday as the firm said it may seek a separate listing for its Nigerian unit and could distribute shares of this unit to its shareholders.

Maurel & Prom said in a statement its investment in SEPLAT, a 45 per cent owned subsidiary of its wholly-owned Nigerian business, “was not fully reflected in the group’s share price”.

But some analysts said the boost to Maurel & Prom’s stock may be short-lived as the strategy decision would not add value to the parent company.

The firm’s shares closed at €14.68 in Paris trading yesterday.