November 17, 2005/Source The Guardian
OANDO Plc, one of the leading downstream oil companies on the Nigerian Stock Exchange (NSE), has received approval to list its shares on the Johannesburg Stock Exchange (JSE).
The approval, according to the Group Chief Executive Officer (CEO) of Oando Plc, Mr. Wale Tinubu was sequel to an application made to the JSE and the South African Reserve Bank for a secondary listing by way of introduction of its entire issued share capital on the main board of the JSE and plans to list on November 25, 2005.
Preparatory to the listing, the company on Monday published its pre-listing statement, setting out for the benefit of the South African investment community, information relating to Oando, its operations and management, and its historical financial information relating to Oando.
Tinubu said: \"Today, we received approval to list our shares on the Johannesburg Stock Exchange, Africa\'s largest exchange. In the spirit of New Partnership for Africa\'s Development (NEPAD) initiative, we are excited to be the first African company to seek a cross-border inward listing in South Africa.
\"As an innovative, dynamic, and rapidly growing company, we see listing on the JSE as providing an additional source of capital to facilitate our aggressive growth plans and enhance our profile in the global capital market. The listing also provides prospective emerging market investors with an opportunity to diversify into high growth global markets.\"
Focussed on downstream petroleum marketing, Oando is today an integrated energy solutions provider with operations spread across West Africa, and spanning the energy value chain, with primary business as marketing, trading, power, energy services, production and development and refinery.
Tinubu added: \"From its beginnings in downstream marketing, Oando\'s vision has been to become the premier energy solution company in Africa.
\"Recently, we have become the largest oil marketing company in Nigeria- a market where all of the global majors are active and have successfully commenced our diversification along the energy value chain.\"