Oando Plc, on Wednesday issued a press release responding to SEC’s suspension of trading of its stock on the Nigerian Stock Exchange.
The embattled oil company has been embroiled in a shareholder battle with one of its indirect shareholder, Gabriel Volpi, the Italian Owner of Intel Ltd.
Here is an excerpt of its press release
The Company (“the Company” or “Oando”) has received communication from the Nigerian Stock Exchange (NSE) that the Securities and Exchange Commission (SEC) have issued a directive to immediately suspend the trading of Oando shares, a directive to which the NSE has complied.
The Company is currently reviewing subsequent correspondence received today October 18, 2017 from the NSE and SEC and will provide a full statement of the Company’s position as soon as possible.
The Company remains committed to act in the best interests of all its shareholders.
Before SEC’s suspension, Oando was trading at N6 per share for about a week and has been trading between N5.8 and N6 per share for about a month. Investors will hope to get more information on the latest suspension and what may have influenced SEC decision to suspend the company’s shares from trading, after it appeared to have given it a pass just over a month ago.