Oando Plc has officially notified the Nigerian Exchange Ltd. (NGX) of the acquisition of Alhaji Dahiru Mangal’s interest in the company by Leaf Investment & Realtors Ltd.
This was contained in a statement signed by Oando Chief Compliance Officer & Company Secretary, Ayotola Jagun, posted on the NGX on Monday.
“In accordance with Rule 17:13 (a) of the Nigerian Exchange Ltd. Issuers’ Rules, we, hereby, announce the acquisition of Alhaji Dahiru Mangal’s interest of 1,968,452,614, shares in Oando PLC by Leaf Investment & Realtors Ltd.
“Based on the above, Leaf Investment & Realtors Ltd. now holds 15.83 per cent of Oando Plc,” said the statement.
Oando, on November 22, topped the volume of shares traded on NGX with an exchange of 1.97 billion shares.
Speficially, the company traded 1.97 billion shares valued at N11.83 billion in off-market trade at N6 per share in eight deals.
The transaction was negotiated as a cross deal by APT Securities and Funds Ltd. as both buyer and seller.
Speaking on the transaction, a broker at APT Securities and Funds Ltd., who pleaded anonymity said the transaction was part of the agreement with Ocean and Oil development Partners Ltd. with Alhaji Dahir Mangal to settle their dispute.
The stockbroker said Mangal was releasing all his holdings as part of settlement in line with the Securities and Exchange Commission (SEC) mandate to the company to settle all the grievances causing issues with its majority shareholder.
The broker said Mangal would also withdraw his directors, both the executive director, Mukhtar Zubair and non-executive director, Alhaji Bukar Goni Aji, as part of the settlement agreement.
In July, Oando Plc settled its disagreement with the SEC in the overriding interest of the shareholders of the company and the capital market after years of legal tussle.
The agreement included payment of all monetary penalties stipulated in the commission’s letter of May 31, 2019.
Oando’s shares, listed in Lagos, were trading up 0.02 per cent at N5.04 per cent at 13:21 West Africa Time in Lagos on Monday, following the news.
They were trading at that same time at R0.20 per unit in Johannesburg, where they are simultaneously listed, yet to record any movement.
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