The Nigerian Stock Exchange (NSE) says it has partially lifted the suspension placed on shares belonging to Oando Plc.
In a notice signed by Tinuade Awe, general counsel, head of regulation, NSE said shareholders can now trade their shares but the trading activity will not lead to a change in price.
“Dealing members are referred to our market bulletins of Wednesday, October 18, 2017 (NSE/LARD/LRD/MB05/17/10/18) notifying them that effective Friday, October 20, 2017 and until further directive, the shares of Oando Plc (“Oando” or “the company”) will be placed on technical suspension; and that of Friday, October 20, 2017 (NSE/LARD/LRD/MB07/17/10/20) informing them that the shares of Oando were still on full suspension as the process of converting from full to technical suspension was yet to be completed” the statemen read.
“Please be informed that effective today, Monday, October 23, 2017; the shares of Oando Plc have been placed on technical suspension. Thus, the shares will be available for trading but there will be no price movement while the technical suspension subsists.”
The regulator had suspended the company’s shares on Wednesday following a request from the Securities Exchange Commission (SEC).
On its part, SEC said it made the following findings at the end of its investigation of the company: breach of the provisions of the Investments & Securities Act 2007, breach of the SEC Code of Corporate Governance for Public Companies, suspected insider dealing, related party transactions not conducted at arm’s length, and discrepancies in the shareholding structure of Oando Plc.
On Thursday, the Johannesburg Stock Exchange also placed a ban on Oando on request of SEC.”