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The board of Oando Plc, has announced the acquisition of 1,968,452,614 ordinary shares of the company, previously owned by Alhaji Dahiru Mangal, by Leaf Investment & Realtors Limited.
According to a notice to stakeholders by Ayotola Jagun, Oando’s Chief Compliance Officer & Company Secretary, based on Rule 17:13 (a) of the Nigerian Exchange Limited Issuers’ Rules, “Leaf Investment & Realtors Limited now holds 15.83% of Oando Plc.”
It said:”In accordance with Rule 17:13 (a) of the Nigerian Exchange Ltd. Issuers’ Rules, we hereby announce the acquisition of Alhaji Dahiru Mangal’s interest of 1,968,452,614, shares in Oando PLC by Leaf Investment & Realtors Limited.Based on the above, Leaf Investment & Realtors Ltd. now holds 15.83 per cent of Oando Plc”
Oando on Nov. 22 topped the volume of shares traded on NGX with an exchange of 1.97 billion shares.
The company traded 1.97 billion shares valued at N11.83 billion in off-market trade at N6 per share in eight deals.
The transaction was negotiated as a cross deal by APT Securities and Funds Ltd. as both buyer and seller.
Observers said the transaction was part of the agreement with Ocean and Oil development Partners Ltd. with Alhaji Dahir Mangal to settle their dispute.
They also said Mangal was realising all his holdings as part of settlement in line with the Securities and Exchange Commission (SEC) mandate to the company to settle all the grievances causing issues with its majority shareholder.
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