The Securities and Exchange Commission (SEC) has announced the suspension of Oando Plc. trading shares at he Nigerian Stock Exchange.
The commission, in a statement issued by its General Counsel, Head of Regulation, by Tinuade T. Awe, and sent to the Stock Exchange on Wednesday said “effective for forty-eight (48) hours from today, 18 October 2017 to 20 October 2017, the Exchange should implement a full suspension in the trading of the shares of Oando Plc.”
According to the statement: “The Exchange should implement a full suspension in the trading of the shares of Oando Plc
“Effective from 20 October 2017 and until further directive, The Exchange should implement a technical suspension in the shares of Oando Plc.
“A full suspension is the halt of trading activities in a listed security for a period. A technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.
“In the 48 hour period commencing today, there will be no trading in the shares of Oando Plc. Thereafter, effective 20 October 2017, investors will be able to trade in Oando Plc’s shares but such trading will not result in any movement in the price of the shares”.
BADailyNews recall that Oando Plc shareholders Gabriel Volpi co founder of Intels Plc and Northern businessman Alhaji Dahir Mangal have accused the company’s management of financial recklessness, and denying them adequate representation on the board. Other aggrieved shareholders have laid similar allegations.
Oando Plc has however denied the allegations, and stated that it was cooperating fully with the regulator.
The ensuing controversy, has led to the House of Representatives Capital Market Committee wading into the matter
Share this
