Sunday, October 1, 2023
Home Business Oando Plc set to become private company

Oando Plc set to become private company

.As core investor acquires minority shareholders’ equities

Oando PLC has notified the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange Limited (JSE Limited) that it has received an offer from its core shareholder – Ocean and Oil Development Partners Limited (OODP) to acquire the shares of all minority shareholders in Oando.

The Company will subsequently be delisted from NGX and JSE and re-registered as a private company.

The case began in 2021 when the fourteen minority shareholders of Oando led by Venus Construction Company Limited asked the Federal High Court sitting in Lagos to compel Ocean and Oil Development Partners Limited (OODP) or Oando to acquire 299,257,869 shares belonging to them.


OODP did not challenge the shareholders but “filed an Answer and a Cross Petition dated 15th March 2022 stating that it is willing and ready to buy out the minority shareholders via a members’ scheme of arrangement. Oando in a memo to NGX on Thursday said it is intended that the Transaction will be executed through a Scheme of Arrangement in accordance with Section 715 of the Companies and Allied Matters Act, 2020 (as amended), and other applicable laws, rules, and regulations.
Under the Scheme, each Scheme Shareholder shall be entitled to receive the sum of N7.07 in cash or its equivalent in South African Rand (ZAR) for every ordinary share held by the qualified Scheme Shareholders at the Effective Date of the Scheme.
“The proposed Scheme Consideration represents a 58% premium to the last traded share price of Oando on 28 March 2023, being the day prior to the date of submission of the Scheme application to the Securities and Exchange Commission (SEC).


Emefiele meets Tinubu at Aso Rock

Wale Edun, former Lagos Finance Commissioner; and James Faleke, a House of Reps member, were also at the villa.

Cables Manufacturers Score SON high as Nigeria’s Ease of Doing Business Index Climbs

According to Adubi, while SON ensures strict compliance to laid-down regulations, CAMAN as a body function as a check to the activities of its member companies by paying regular visits to their respective factories to ensure standards are maintained.

NEPL takes over 100% ownership of OML11, seven others

The NNPC Exploration and Production Limited (NEPL), a Subsidiary of the Nigeria National Petroleum Company (NNPC) Limited, has announced take over of...


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Emefiele meets Tinubu at Aso Rock

Wale Edun, former Lagos Finance Commissioner; and James Faleke, a House of Reps member, were also at the villa.

Oil marketers endorse fuel subsidy removal, pledge minimal adjustments 

We once again laud President Tinubu for his bold vision and stand ready to collaborate with his administration in its effort to promote greater economic equality and prosperity for all Nigerians.

Firm unveils 20KG composite cooking gas cylinders to Nigerian Market

According to him, the 20kg LPG cylinder goes for N75,000 due to increase in foreign exchange and is also more competitive.

Allegation of illegal sale of 48m barrels of crude false, Malami insists

Recall that the minister took the same position when he first appeared before the panel on April 27, 2023 to give testimony.

Recent Comments