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Johannesburg Stock Exchange Suspend Oando Shares

It was double whammy for Oando Plc as the Johannesburg Stock Exchange, JSE, on Thursday suspended trading in its share, and a day after the Nigeria’s Securities and Exchange Commission, SEC, took similar decision.

 

A notice by the JSE said: “The Company has received communication from its primary listing, the Nigerian Stock Exchange (NSE), that the Securities and Exchange Commission (SEC) have issued a directive to immediately suspend the trading of Oando shares, a directive to which the NSE has complied,” the JSE said in its notice.

 

“The JSE has accordingly suspended trading of the Oando shares with effect from 09:00 a.m. SA time, pending clarification following the review of subsequent correspondence received on 18 October 2017 from the NSE and SEC and will provide a full statement of the Company’s position as soon as possible.”

 

However, the management of Oando plc said it was still reviewing documents sent to it by the NSE, and SEC.

Read Also: Oando Reacts to NSE Suspension

Oando has in recent time been enmeshed in crisis.

A group of aggrieved shareholders had attempted to disrupt its Annual General Meeting in Uyo, Akwa Ibom State over allegations of gross misconduct levelled against the management of the oil firm.

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