Shareholders will receive one new ordinary share for every twelve existing shares they hold.
This decision was approved at the Company’s 45th Annual General Meeting on December 17, 2024.
The distribution will occur in two phases:
- The first phase involves 641,856,301 ordinary shares of 50 kobo each, distributed to shareholders registered by February 14, 2025.
- The second phase will distribute another 641,856,301 shares to shareholders registered by June 30, 2025.
This phased approach is designed to prevent excessive downward pressure on Oando’s share price and to ensure market stability. Oando’s share price saw significant growth in 2024, reflecting market confidence.
Key Points:
- The initiative aims to distribute shares without any shareholder or employee benefiting more than others.
- This move comes after Oando’s acquisition of Nigerian Agip Oil Company in August 2024, which boosted the company’s share price and financial performance.
- The scheme offers a tangible benefit to shareholders, enhancing long-term retention and confidence.
Oando’s continued strong financial and operational performance, including recent acquisitions and awarded contracts, underlines the company’s commitment to delivering value to its shareholders.
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