The Nigerian Stock Exchange says it has partially lifted a suspension placed on shares belonging to oil services firm, Oando Plc.
In a notice signed by general counsel and head of regulation, Tinuade Awe, the bourse said shareholders can now trade their shares but the trading activity will not lead to a change in price.
“Dealing members are referred to our market bulletins of Wednesday, October 18, 2017 (NSE/LARD/LRD/MB05/17/10/18) notifying them that effective Friday, October 20, 2017 and until further directive, the shares of Oando Plc (“Oando” or “the company”) will be placed on technical suspension; and that of Friday, October 20, 2017 (NSE/LARD/LRD/MB07/17/10/20) informing them that the shares of Oando were still on full suspension as the process of converting from full to technical suspension was yet to be completed,” a statement read.
“Please be informed that effective today, Monday, October 23, 2017; the shares of Oando Plc have been placed on technical suspension. Thus, the shares will be available for trading but there will be no price movement while the technical suspension subsists.”
The regulator had suspended the company’s shares on Wednesday 18 October, following a request from the Securities Exchange Commission based on the outcome of its investigation into possible breaches of the provisions of the Investments & Securities Act 2007, the SEC Code of Corporate Governance for Public Companies, suspected insider dealing, related party transactions not conducted at arm’s length, and discrepancies in the company’s shareholding structure.
The following day, the Johannesburg Stock Exchange, where Oando is also listed, placed a ban on Oando citing the SEC note.