Oando to seek shareholders’ vote to raise N250bn
JOHANNESBURG – Oando plans to seek shareholder approval to raise up to N250 billion ($1.5bn) via debt or equity, the energy company said on Tuesday.
Oando plans to hold the shareholder meeting on Feb. 18, it said in a statement, adding that N50 billion of the amount will be offered to existing shareholders through a rights issue.
Last month the company, which is also listed in Toronto and Johannesburg,
offered N30.75 billion ($193m) in shares to help it fund the acquisition of ConocoPhillips’ assets in Nigeria.