Nigeria: Oando Lists $245m right issue

Nigeria: Oando Lists N48.7 Billion Right Issue

Lagos — Oando Plc has listed N48.7 billion worth of shares on the daily official list of the Nigerian Stock Exchange (NSE).

In an issuer’s announcement with the NSE, Oando said: “A total of 2,949,933,156 ordinary shares of 50 kobo each at N16.50 per share belonging to Oando Plc were admitted to trading on 4th of June 2015. This arose from a rights issue of the company on the basis of one new ordinary share for every three ordinary shares held, thus bringing the total outstanding shares of the company to 12,034,618,894 units.”

Oil marketing giant, Oando Plc, commenced a N48.8 billion rights issue December 3, 2014, simultaneously at the NSE and the Johannesburg Stock Exchange (JSE) Limited.

Oando said that proceeds from the rights issue will be used for deleveraging of balance sheet via repayment of existing financial debt obligations and investment in working capital to replenish working capital lines utilised in the financing of the ConocoPhillips acquisition.

Share price of the company, Friday, climbed up 3.41 percent to N17.87 from N17.28 recorded the last session, gaining N0.57 kobo per share.
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