Sequel to the agreement to sell a 60 percent stake in its downstream business to Vitol and Helios Investment Partners for $276 million, Oando Plc has made further clarifications to the new structure.
Oando Plc has said the ownership structure of the new Oando downstream businesses will be 49 per cent for Oando, 49 per cent for HV Investments and two per cent for Nigerian Helios affiliate
This statement was made by the Head, Corporate Communications, Oando Plc, Ainoije ‘Alex’ Irune.
According to him,“Oando, an integrated oil and gas company headquartered in Nigeria, has entered into an agreement with HV Investments II B.V., (HVI), a joint venture owned by a fund advised by Helios Investment Partners (Helios) and The Vitol Group (Vitol), for a cash investment of US$276.8 million in Oando’s downstream business.
Yomi Awobokun will continue as Chief Executive Officer, Oando Downstream, and Oando Plc Group Chief Executive, Wale Tinubu, will maintain his position as Chairman of the Board.
