Oando Plans Rights Issue at N50 Per Share
Oando Plc has announced a plan to raise capital via a rights issue expected to be exercised by its existing shareholders, according to a regulatory filing.
In an official disclosure, the indigenous energy company notified the shareholders that it has submitted an application to the Nigerian Exchange Limited for the approval and listing of a Rights Issue of 4,415,867,342
Oando said its ordinary shares of 50 Kobo each will be issued at N50.00 per share, based on one new ordinary share for every two existing ordinary shares held. The company’s share is trading at N43.4 on Wednesday after losing 60 kobo per outstanding shares totaling 12.431 billion.
The Proposed Rights Issue remains subject to various regulatory approvals, including the approval of the Nigerian Securities and Exchange Commission, Nigerian Exchange Limited (NGX), JSE Limited, and the Reserve Bank of South Africa (for shareholders in South Africa).
A further announcement, including salient dates and times relating to the Proposed Rights Issue, will be published in due course. #Oando Plans Rights Issue at N50 Per Share UBA Climbs to N2.1trn as Investors Bet on Earnings Outlook
