Oando Plc has officially notified the Nigerian Exchange Ltd., NGX, of the acquisition of Dahiru Mangal’s interest in the company by Leaf Investment & Realtors Ltd.
This was contained in a statement signed by Oando Chief Compliance Officer & Company Secretary, Ayotola Jagun, posted on the NGX on Monday.
“In accordance with Rule 17:13 (a) of the Nigerian Exchange Ltd. Issuers’ Rules, we hereby announce the acquisition of Alhaji Dahiru Mangal’s interest of 1,968,452,614, shares in Oando PLC by Leaf Investment & Realtors Ltd.
“Based on the above, Leaf Investment & Realtors Ltd. now holds 15.83 per cent of Oando Plc,” said the statement.
Oando had on Nov. 22 topped the volume of shares traded on NGX with an exchange of 1.97 billion shares.
Specifically, the company traded 1.97 billion shares valued at N11.83 billion in off-market trade at N6 per share in eight deals.
The transaction was negotiated as a cross deal by APT Securities and Funds Ltd. as both buyer and seller.
Speaking on the transaction, a broker at APT Securities and Funds Ltd., who pleaded anonymity, said the transaction was part of the agreement with Ocean and Oil development Partners Ltd. with Mr Mangal to settle their dispute.
The stockbroker said Mr Mangal was realising all his holdings as part of settlement in line with the Securities and Exchange Commission, SEC, mandate to the company to settle all the grievances causing issues with its majority shareholder.
The broker said Mr Mangal would also withdraw his directors, both the executive director, Mukhtar Zubair, and non-executive director, Bukar Goni-Aji, as part of the settlement agreement.