Oando Hits 12-Month High after Maltese Blending Facility Rebuttal
Oando Plc gained 11.5% on the Nigerian Exchange (NGX) in a week while the energy company addressed alleged interest in a Maltese oil storage and blending facility.
The company share price rose from N18.25 to end the week at N20.35 amidst negative weekly performance in the local bourse.
The energy stock has been uptrend recently due to anticipated earnings release to clear off its financial reporting backlogs. The company stock traded against the market index this week, gaining while the NGX Index slumped.
The Nigerian stock market had a bearish end this week, with the ALL-Share Index dropping by 2.33% week-on-week, closing at 98,201.49 points. The year-to-date return was at 31.33%, and the market capitalization ended the week at ₦55.61 trillion.
In a regulatory filing, the company addressed allegation of interest ownership in a Maltese company, Raz Hansir Oil Terminal Limited that operates an oil storage and blending facility.
Media reports claimed that Oando is purportedly responsible for importing adulterated petroleum products into Nigeria.
“Considering the above, we wish to refute such claims and attest that neither Oando PLC nor its Executives have ever held shares, investments, or interests in the fictitious Maltese company”, the energy company told the regulator.
Oando said as part of a comprehensive investigation into the basis of the false claims, it conducted a search of the Malta Business Registry, the official repository for all registered entities past and current within the country.
“Our search yielded no results for a company bearing that name. Subsequent due diligence efforts similarly failed to uncover any record of the company’s existence.
“We therefore believe that the false claims are of the malicious intent of misleading the public and our stakeholders.
“We want to reiterate that as a publicly listed company, any corporate actions, such as acquisitions, are declared publicly in accordance with applicable corporate governance Laws and Rules”. Dirty Fuel: Oando Refutes Involvement in Maltese Blending Facility
