Oando plc Looks to Raise Cash

Tuesday, November 17, 2015

Oando is looking to raise $402 million through a rights issue and will be looking for shareholder approval for its plan at its next meeting. The company will also seek to spin off its power and gas subsidiaries to keep itself liquid.

In addition to the rights issue and the spin off the company will seek approval in December to issue 40 billion naira of shares from its unissued share capital to swap debt for equity under agreements it has with two shareholders, Ocean and Oil Development Partners and QPR Ltd.

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