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Home Companies Company News

[BOOM] Oando Announces Plans To Raise N80 billion Via Another Rights Issue

Nairametrics by Nairametrics
November 16, 2015
in Company News
[ANALYSIS] Making sense of Oando’s levered balance sheet
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As expected Oando Plc has announced plans to seek shareholders’ approval next month to raise up to N80 billion naira ($402 million) through a rights issue. The company also plans to spin off its power and gas subsidiaries.

Oando, will also seek approval on Dec. 7, to issue new shares in lieu of convertible debt owed to two shareholders Ocean and Oil Partners and OPR Ltd.  The company is thought to have about N68 billion in convertible loans.

Oando is also reported to have a shareholder who owns over 70% of the company and was the same shareholder who essentially bought nearly all the rights issue offered late last year. It is believed that this same shareholder may have been approached to inject an equity lifeline badly needed to provide liquidity to the company.

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Tags: News ReviewOando Plc
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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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