Oando Plc resumes trading three months after suspension

By Opeyemi Abdulsalam

Oando Plc has announ ced the resumption of its stock on the Johannesburg Stock Exchange.

This is coming less than three months after the equity was suspended from listing on the JSE.

In a corporate notice signed by Ayotola Jagun, Oando’s company secretary, the company received confirmation from JSE that its stock would resume trading on June 5, 2024.

Recall that Oando Plc on March 27, faced a suspension from the Johannesburg Stock Exchange (JSE) due to its failure to meet the extended deadline for publishing its 2022 audited year-end results and the interim results for 2023.

The company released its audited financial statements for 2022 on April 23, 2024. However, in a press release, it was noted that the delay was due to “delays with finalising the Oando Groups’ 2022 Audited Financial Statements.”

One month later, on May 31, 2024, Oando released its audited financial statements for 2024, setting the company back on track for regular listing.

Oando Plc sold its downstream assets to NNPC Limited in 2022, as it shifted its business operations to focus on the upstream oil sector.

However, in 2022, the group posted a revenue of N1.56 trillion, which increased by 15 percent to N1.79 trillion in 2023.

In 2024, Oando recorded a year-to-date gain of 35.2 percent, as it closed on June 4, 2024, at a share price of N14.20.

The stock has achieved a 56 percent gain since the release of its 2022 FY financial statements, as the stock tries to capture investors’ attention.

Oando is currently engaged in a legal dispute that has hindered its efforts to delist from the NGX.