By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)- Oil marketing firm, Oando Plc priced shares for its upcoming rights issue at N22 each, the company said on Friday in a notice to the Nigerian Stock Exchange (NSE).
Oando disclosed the rights issue would be on the basis of one (1) new share for every four (4) ordinary shares held as at July 25, 2014.
According to the oil marketer, the offer opens on Monday November 24, 2014 and closes December 24, 2014.
Oando said on Wednesday its profit after tax (PAT) in its unaudited results for the nine months period ended 30 September, 2014 grew 76 percent to N10.7 billion from N6.1 billion recorded same period of last year.
Similarly, the third quarter (Q3) filing with the Nigerian Stock Exchange (NSE) shows that profit before tax (PBT) of the company increased marginally four percent (4%) to N10.2 billion from N9.8 billion reported in the corresponding period of 2013.
Turnover of Nigeria’s leading indigenous energy group declined 12 percent to N338.1 billion from N386.3 billion reported in the nine months period of 2013.
While gross profit increased by 70 percent in the third quarter to N79.6 billion compared to N46.7 billion recorded in 2013.
“We are pleased to announce our performance over the past nine months of the year 2014. The group is making solid progress in achieving a more robust financial performance despite the current industry trend and 30 percent decline in global crude prices year to date,’’ Wale Tinubu, group chief executive officer, said in a statement.
At close of business on the Nigerian bourse on Friday, share price Oando gained 0.52 kobo as it opened at N19.87 and closed at N20.39 gaining 2.62 percent.
Meanwhile, the firm listed a total of 215,625,000 ordinary shares of 50 kobo each on the Nigerian bourse on Tuesday November 18, 2014. ‘’This arose as a result of the shares conversion of N2,587,500,000 notes, thus increasing the issued quantity of the company’s share to 9,084,685,738,’’ the oil marketing giant said in an issuer’s announcement with the NSE.
