The regulatory arm of the Nigerian Change Group, NGX RegCo, has suspended buying and selling within the shares of Oando PLC efficient at the moment.
This was disclosed in a discover to buying and selling licence holders signed by the Head, Issuer Regulation Division, Godstime Iwenekhai, on Thursday.
The Johannesburg Inventory Change suspended buying and selling in Oando shares in March resulting from its incapacity to fulfill the prolonged deadline to publish its 2022 audited year-end outcomes.
The corporate, which is listed each on the NGX and JSE additionally failed to fulfill the deadline to publish its interim outcomes for 2023 as of the time of the suspension. Nevertheless, the suspension was lifted in June.
Within the newest growth, the NGX RegCo stated that the indigenous oil agency had did not submit its Audited Monetary Statements for the 12 months ended 31 December 2023.
Citing provisions of Rule 3.1 for Submitting of Accounts and Remedy of Default Submitting, (Default Filling Guidelines), which states that: ‘If an Issuer fails to file the related accounts by the expiration of the Remedy Interval, The Change will:
a) Ship to the Issuer a ‘Second Submitting Deficiency Notification’ inside two (2) enterprise days after the tip of the Remedy Interval: b) Droop buying and selling within the Issuer’s securities, and c) Notify the Securities and Change Fee (SEC) and the Market inside twenty-four (24) hours of the suspension,’ the NGX RegCo stated, “Buying and selling within the shares of Oando PLC has been suspended from the amenities of Nigerian Change Restricted (NGX or The Change) efficient at the moment, Thursday, 24 October 2024 for not submitting their Audited Monetary Statements for the 12 months ended 31 December 2023.”
In a company discover filed with the NGX earlier in October, Oando blamed the delay on the current acquisition of Nigerian Agip Oil Firm. The deal was accomplished on August 22, 2024.
On its unaudited outcomes for 2023, Oando rebounded from a N78.71bn loss in 2022 to a document N74.7bn revenue in 2023.
Within the 12 months below evaluation, the group noticed its turnover enhance by 71 per cent to N3.4tn in comparison with N1.9tn in 2022.
In a press release accompanying the outcomes, Oando stated, “This revenue exhibits a constructive flip within the firm’s fortunes compared to the previous 12 months when the corporate posted a loss after tax. Throughout the bigger trade context, Oando’s N74.7bn PAT compares favourably with indigenous friends over the identical interval below evaluation.