By SAMSON AKINTARO
The Nigerian Stock Exchange authorities have lifted the full suspension placed on the shares of Oando Plc. However, the shares of the company is still on a lesser restriction of technical suspension, which means the shares can be traded but there will be no change in price, irrespective of the demand and supply of the shares.
General counsel, head of regulation, NSE, TinuadeAweaid in a notice to dealing members at the Exchange said from October 23, Oando shares will be available to trading. “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 OandoPlc (“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 OandoPlc 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.”
Oando Plc shares was suspended after Securities Exchange Commission (SEC) accused it of; 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.