Oando PLC Seeks NGX Approval for N220.79 Billion Rights Issue

Oando PLC has applied to the Nigerian Exchange for approval to list 4,415,867,342 ordinary shares as part of a Rights Issue, targeting to raise N220.79 billion. The offer price is set at N50 per share, and the proposal is subject to approval from the Johannesburg Stock Exchange and the Reserve Bank of South Africa.

Shareholders will be entitled to one new ordinary share for every two existing units held as of the key date. Oando's current market capitalization stands at N546.9 billion, with total assets rising to N6.7 trillion, while total liabilities increased to N7.2 trillion.

The company reported a significant decline in revenue, dropping from N4.08 trillion to N3.21 trillion, with a pre-tax profit decline from N383.8 billion to N15.2 billion. An Extraordinary General Meeting (EGM) will address the proposed issuance of 10 billion ordinary shares, which includes rights issues, public offers, private placements, and debt equity conversions, with a final approach to be determined by the board.