SOLD OUT: Ondo To Become Private Firm As Investor Seeks Purchase Of Minority Shares

Oando Plc has disclosed that it has received an offer from Ocean and Oil Development Partners Limited (OODP), an investment company, to acquire the shares of all minority shareholders.

Ayotola Jagun, chief compliance officer/company secretary, in a statement on Thursday said Oando has stated that if conditions of the transaction with OODP, its core investor, are satisfied, the company will become a private company.

Oando was listed on the Nigerian Stock Exchange — now Nigerian Exchange Limited (NGX) — in February 1992, as a public company.

If the offer is completed, the oil firm will be subsequently delisted from NGX and Johannesburg Stock Exchange (JSE) and re-registered as a private company, according to the statement.

The organisation said the transaction will be executed through a scheme of arrangement, in accordance with section 715 of the Companies and Allied Matters Act (CAMA) 2020, and other applicable laws.

Oando said OODP is proposing to acquire the minority shares at N7.07 per share.

“Under the scheme, each scheme shareholder shall be entitled to receive the sum of N7.07 in cash or its equivalent in South African Rand (ZAR) for every ordinary share held by the qualified scheme shareholders at the effective date of the scheme (scheme consideration),” the statement reads.