The listing of Oando Plc’s securities with the Johannesburg Stock Exchange (JSE) has been suspended due to failure meet extended deadlines to publish its 2022 and 2023 financial results.
Oando Plc is listed on the Nigeria Exchange Limited with ticker symbol OANDO and listed on the Johannesburg Stock Exchange with ticker symbol OAO.
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The energy group notified the public and its shareholders of the suspension in a regulatory filing on Thursday.
Oando Plc “wishes to notify the public and its shareholders that it has received a letter on 27 March 2024 from the JSE suspending the secondary listing of its securities due to inability to meet the extended deadline to publish its 2022 audited year-end results (the “2022 Accounts”) and the interim results for 2023,” the statement read.
The suspension came into effect after JSE rejected Oando’s appeal for further extension of the time to file the reports. Consequently, investors cannot trade the shares of the Company during the suspension period on the JSE.
The 2022 accounts are scheduled to be approved by the Board of Oando on or before 15th April, 2024. It will be sent to the Financial Reporting Council of Nigeria for regulatory approval, after which it will be released to the market, the company said.
The interim results for 2023 will also be released to the market soon after the 2022 Accounts are published.
Trading of Oando shares on the Nigerian Exchange continued on Thursday. At the end of trading, the share price dropped ₦0.40 to close at ₦11.60.
Oando has not released neither its 2022 financial statements nor 2023 financial statements on the Nigerian Exchange.
Investogist reported in 2023 that Oando blames the complexity of auditing the several companies that make up the Group for these delays.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
