Continental Focus, International Reach

Oando to Sell Stake in Downstream Business

Wednesday, July 1, 2015

Oando has agreed to sell a 60% stake in its downstream business to Vitol and Helios Investment Partners for $276 million. The company’s downstream business, with a market share of 12% in Nigeria, will be set up as an independent entity, but will retain the Oando brand, the company said in a statement.

The consortium will acquire 51% of the voting rights.

Oando’s downstream assets include more than 400 petrol stations in Nigeria and an interest in a bulk distribution company in Ghana, it said.


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