Oando Rises as Board Sets to Issue Dividend Stock
Oando Plc’s market value increased slightly on Wednesday as investors reacted positively to its stock dividend notice on the Nigerian Exchange. The energy company share price rose by more than 2% to N70, according to data from the local bourse, with more than 15 million shares valued at N1.112 billion traded in the market.
The share price was volatile on the day, reaching N74.7 before it retreated in the equities market to N70 over mixed reactions. The moderate daily gain lifted Oando Plc’s market value to N870 billion, details from the Nigerian market revealed.
Today, Oando Plc said it has obtained shareholders’ approval to distribute shares, an official statement filed on the Nigerian Exchange revealed. The energy company said shareholders reached the decision at the 45th Annual General Meeting (AGM) on Tuesday, December 17, 2024.
The company told the Nigerian Exchange that the first phase distribution will apply to shareholders on the company’s register of members at the close of business on February 14, 2025 for tranche 1 and June 30, 2025 for tranche 2.
Oando explained that the distribution for tranche 1 shall be applied on the basis of one new ordinary share of 50 kobo each for every twelve (12) existing ordinary shares of 50 kobo each held by members as at the tranche 1 Qualification Date.
The company emphasised that all shares that are caused to be distributed pursuant to the said AGM resolution shall be distributed within a period of 36 months commencing 30th January 2025. #Oando Rises as Board Sets to Issue Dividend Stock DeepSeek Beats ChatGPT in AI, Rivals Stocks Plunge
