In a notice sent to the dealing members (stockbrokers), the Nigerian Stock Exchange hinted at an extension of the full suspension placed on Oando Plc’s shares this Wednesday.
Reason for the extension
The exchange based its action on the non completion of the process of converting the shares from full suspension to technical suspension, and stated it would update dealing members on new developments.
An earlier notice issued on Wednesday stated that the full suspension placed on the stock would be converted to a technical suspension on the 20th of October. The NSE suspended trading in the company’s shares following a request from the Securities and Exchange Commission (SEC). SEC has appointed a team to conduct a forensic audit of the company’s affairs.
Full suspension means there is no trading of a company’s shares. Technical suspension means the shares can trade, but price is frozen. The Johannesburg Stock Exchange (JSE) yesterday suspended trading of Oando Plc’s shares following correspondence from the NSE and SEC.
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Here is a copy of the notice.