Africazine:
Oando Plc is moving forward with a significant share sale aimed at bolstering its financial position.
The oil driller plans to sell 4.4 billion ordinary shares at N50 each, targeting a total of N220.8 billion. This initiative is designed to strengthen its balance sheet, reduce debt, and finance asset acquisitions.
Oando’s Share Sale Plans Unveiled
Oando Plc, listed in Lagos and Johannesburg, is set to offer shareholders 1 new share for every 2 existing shares. The company submitted its application for regulatory approval to the Nigerian Exchange Limited (NGX) on 13 February 2026. It is now awaiting nods from the Nigerian Securities and Exchange Commission, the NGX, and the Johannesburg Stock Exchange Limited (JSE).
Following the announcement, Oando’s shares rose by 9.1 percent to N47.5 in Lagos, while remaining stable in Johannesburg. The planned rights issue is a strategic move to enhance the company’s financial health.
Nigerian Exchange and Regulatory Timeline
The qualification date for shareholders to participate in the rights issue is set for 13 February 2026, known as the NGX Record Date. This date is crucial for shareholders in Nigeria, regardless of the ongoing regulatory approval processes.
For shareholders on the JSE, the record date will be announced later, adhering to JSE requirements. Oando has restricted transfers between the Nigerian and South African registers until the JSE record date is confirmed.
Next Steps for Oando’s Shareholders
- Await regulatory approvals from the Nigerian Securities and Exchange Commission, NGX, and JSE.
- Participate in the rights issue based on the NGX Record Date of 13 February 2026.
- Monitor announcements regarding the JSE Record Date.
Oando’s strategic share sale aims to enhance its financial stability and growth potential.
