Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News January 28, 2014 at 04:11PM

this blog is spored BY reflex Eco Group

VENTURES AFRICA – Oando Plc, Nigeria’s largest indigenous oil and gas firm, has said it would seek shareholders’ approval to raise N250 billion ($1.5 billion) through debt and equity, a report by Reuters revealed.

The oil firm will tender the request in its forthcoming shareholder meeting, slatted for 18th of this month, it confirmed via an official statement.

According to the energy company, N50 billion ($307.9 million) will be sourced from existing shareholders through new rights issues, while the N200 billion ($1.23 billion) will be raised externally.

Oando is Nigeria’s largest non-government owned company in the energy industry with interests in the entire oil and gas value chain including exploration and production (E&P), petroleum marketing, refining and power.

Despite market cap $1 billion, it has however struggled to meet financial obligations in recent times, having to delay the purchase of ConocoPhillips last year due to its inability to raise the required funds.

It subsequently offered shares worth N30.75 billion ($193 million) to fund the acquisition later last year.

Advertisements
Standard

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s