Nigeria: Oando Reduces Rights Issue Price to N16.50

28 January 2015

Oando Plc has reduced the price of its Rights Issue from N22.00 to N16.50, while it increased the volume of shares to 2.956 billion. The integrated oil company, which is listed on the Nigerian Stock Exchange (NSE) and Johannesburg Stock Exchange (JSE) said in a statement yesterday that the reduction in price was to reflect the current bearish condition of the Nigerian stock market.

Oando has embarked on the capital raising exercise with the intention of raising N48 billion from existing shareholders by issuing 2.217 billion shares in a ratio of one for every four shares at N22 per share.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.