JSE lifts suspension on Oando shares
Oando Plc, an indigenous energy company, has announced that the Johannesburg Stock Exchange has lifted its suspension of trade in its securities.
This was disclosed in a corporate notification submitted to the Nigerian Exchange Limited on Wednesday.
Oando stated, "It has received confirmation from the JSE on the lifting of the suspension on the secondary listing of the Company's securities." This adjustment will take effect today, June 5, 2024, and allow trading to continue.
"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 JSE banned trading in Oando shares in March due to the company's inability to meet an extended deadline to submit its audited year-end statements for 2022.
The company, which is listed on both the NGX and the JSE, also missed the deadline to release its intermediate results for 2023.
However, it just published the 2022 and 2023 annual reports, which resulted in the suspension being lifted.
Oando generated a profit of N74.7 billion in 2023 after losing N78.71 billion in 2022.
In the fiscal year under review, the group's revenue increased by 71% to N3.4 trillion, up from N1.9 trillion in 2022.
In a statement accompanying the results, Oando stated, "This profit represents a positive reversal in the company's fortunes in compared to the previous year, when the company produced a loss after tax. Within the larger industry context, Oando's N74.7 billion PAT compares favorably to indigenous counterparts during the same time under consideration.
"Oando has pushed forward with its growth agenda in 2023, with positive highlights including the signing of a Sale & Purchase Agreement with Italian oil major Eni to acquire one of its local subsidiaries, Nigeria Agip Oil Company Limited." In addition, its clean energy arm, Oando Clean Energy Limited launched its electric mass transit buses in partnership with the Lagos State government, signalling that things are beginning to look up.”
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