Johannesburg Stock Exchange (JSE) discontinued an embargo on the trading of securities of Oando Plc, whose shares have a dual listing on the bourse in addition to the Nigerian Exchange, the oil driller announced in a regulatory filing on Wednesday.
Oando said it received a confirmation from the exchange lifting the suspension on the secondary listing of its securities, with the change taking “effect from today, June 5, 2024, allowing trading to resume.”
“We acknowledge and appreciate the patience of our stakeholders during this time; furthermore, we remain committed to maintaining the highest standards of corporate governance and transparency,” the document stated.
Shares in the energy company slid by 9.86 per cent in Lagos at the end of trade following the news, close to the maximum daily price movement allowed by the bourse. The stock recorded no change in its price in Johannesburg.
Africa’s largest stock exchange blocked the secondary listing of Oando’s securities in the last week of March on account of the company’s inability to meet the extended deadline to publish its 2022 audited earnings report.
Before the suspension, Oando had sought an additional extension period within which to file the documents.
Oando issued its 2022 audited financials towards the end of April, followed by its 2023 unaudited accounts on the last day of May.
Net profit for 2023 stood at N74.7, additional to a loss after tax of N81.2 billion posted a year earlier.
The company has reached a deal with Italian oil major Eni, aimed at acquiring its local onshore unitonthe Nigerian Agip Oil Company.
Last March, Oando announced plans by its core shareholder Ocean and Oil Development Limited (OODP) to take the company private.
If the bid goes through, the company listed in Lagos for more than three decades will cease to be publicly quoted.
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