Leaf Investment and Realtors Limited acquires 15% of Oando shares

Oando Plc, an indigenous energy firm, on Monday announced that Leaf Investment and Realtors Limited, a Lagos based Company, has acquired 15.83 percent shares in the company.

A statement released by Oando Plc on the Nigerian Exchange Limited (NGX) website, indicated that Leaf Investment and Realtors Limited acquired the interest of Dahiru Mangal’s 1,968,452,614 units of shares in Oando Plc.

“In accordance with Rule 17:13 (a) of the Nigerian Exchange Limited 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.

The Rule which is Disclosure of Changes in Beneficial Ownership of Shares stated, “every Issuer shall notify The Exchange immediately on any transaction that brings the beneficial ownership in the company’s shares to five per-cent (5%) or more not later than ten (10) business days after such transaction.”

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“Leaf Investment & Realtors Limited now holds 15.83 per cent of Oando PLC,” the report said.

Recall that the Securities and Exchange Commission (SEC) ordered Oando PLC shares to resume trading on the Nigerian Stock Exchange in April 2018 after suspending the company’s shares in October 2017 to conduct a forensic audit.

However, earlier this year Oando entered into a settlement with the SEC. The settlement reached by the parties was aimed at preventing further market disruption and harm to Oando PLC shareholders.

Oando’s directors and management team said with the sale, they would have the opportunity to fully focus on business operations whilst continuing to ensure that it is in compliance with all governing statutes.