By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Oil marketer, Oando Plc has listed 48.7 billion naira worth of shares on the Daily Official List (DOL) of the Nigerian Stock Exchange (NSE).
“A total of 2,949,933,156 ordinary shares of 50 kobo each at N16.50 per share belonging to OANDO PLC were admitted to trading on 4th of June 2015. This arose from a Rights Issue of the company on the basis of one (1) new ordinary share for every three(3) ordinary shares held, thus bringing the total outstanding shares of the company to 12,034,618,894 units,” Oando said in an issuer’s announcement with the NSE.
Oil marketing giant, Oando Plc commenced a $300 million (N48.8 Billion) rights issue December 3, 2014 and it took place simultaneously both at the NSE and the Johannesburg Stock Exchange (JSE) Ltd.
Oando had said that proceeds from the rights issue will be used for deleveraging of balance sheet via repayment of existing financial debt obligations and investment in working capital to replenish working capital lines utilised in the financing of the ConocoPhillips acquisition.
Share price of the company on Friday climbed up 3.41 percent to N17.87 from N17.28 recorded the last session gaining 0.57 kobo per share.