The Nigerian Stock Exchange (NSE) said it has partially lifted the suspension placed on shares belonging to Oando Plc.
Why it matters:
The Securities and Exchange Commission (SEC) Wednesday, ordered a full suspension of the trading of shares of Oando Plc for two days.
It also directed that effective from Friday, October 20, the Nigerian Stock Exchange should implement a technical suspension of the shares of the company.
What is happening:
Tinuade Awe, general counsel, head of regulation, NSE said shareholders can now trade their shares but the trading activity will not lead to a change in price.
“Dealing members are referred to our market bulletins of Wednesday, October 18, 2017 (NSE/LARD/LRD/MB05/17/10/18) notifying them that effective Friday, October 20, 2017 and until further directive, the shares of Oando Plc (“Oando” or “the company”) will be placed on technical suspension; and that of Friday, October 20, 2017 (NSE/LARD/LRD/MB07/17/10/20) informing them that the shares of Oando were still on full suspension as the process of converting from full to technical suspension was yet to be completed” the statement read.
“Please be informed that effective today, Monday, October 23, 2017; the shares of Oando Plc have been placed on technical suspension. Thus, the shares will be available for trading but there will be no price movement while the technical suspension subsists.”
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