Information on Trading in the Shares of Oando Plc

0
366

Lagos, April 11, 2018: The Nigerian Stock Exchange (“NSE or “Exchange”) will like to clarify and confirm the status of trading in the shares of Oando Plc (“Oando”) which are currently on full suspension.

By a letter dated 9 April 2018 from the Securities and Exchange Commission (“Commission”), The Exchange was directed to lift the technical suspension placed on the trading of Oando’s shares.

In compliance with the Commission’s directive, The Exchange by a letter dated 10 April 2018, informed the Commission that it will lift the technical suspension placed on the shares of Oando effective 11 April 2018. This action was duly effected and trading commenced without any impediment to price movement in the morning of 11 April 2018.

Subsequent to the lifting of the technical suspension, on 11 April 2018, The Exchange received another communication from the Commission to maintain the status quo prior to the Commission’s letter of 9 April 2018, i.e., the technical suspension of trading in Oando’s shares. In order to ensure compliance with the Commission’s further communication notwithstanding the fact that The Exchange’s systems cannot implement a technical suspension intraday, the Exchange suspended trading in Oando’s shares. The Exchange regrets any inconvenience that may have arisen due to the foregoing.

In the overall interest of investors in Nigeria’s capital markets, and following consultation with the Commission please be advised that at the start of trading tomorrow, 12 April 2018, trading in Oando’s shares will resume without any impediment in price movement consistent with the NSE’s market structure.

The Exchange shall endeavor to keep the investing public and the entire capital market ecosystem informed should there be any further developments on this matter.

SHARE
Previous articleConfusion as Nigerian Stock Exchange contradicts self on Oando’s technical suspension
Next articleTeleology has 90 days to complete Nigeria’s 9mobile takeover -regulator
Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

LEAVE A REPLY

Please enter your comment!
Please enter your name here