By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s Securities and Exchange Commission (SEC) has approved two (2) weeks extension the acceptance period of Oando Plc’s $300 million (48.8 naira billion) rights issue.

The offer which was to close January 14 has now been extended to January 28, Vetiva Securities Ltd on behalf of the oil marketing firm notified the Nigerian Stock Exchange (NSE).

“In line with the extension of acceptance period, trading in rights of the shares of Oando Plc on the secondary market has been extended by a corresponding period of two (2) weeks,” Vetiva affirmed.

Oando is seeking to raise $300 million (48.8 naira billion) through a rights issue of 2,217,265,184 ordinary shares of 50 Kobo each at N22 per share.

It also said the rights is on the basis of four (4) new ordinary shares for every ordinary share of 50 Kobo each held as at the close of business on Friday, 25 July 2014 for those shareholders whose names appear on the Register of Members and transfer books maintained in Nigeria and shareholders whose names appear on the Register of Members and transfer books of the company which are maintained in South Africa as at the close of business on the Friday October 28, 2014.