By Aduragbemi Omiyale
Trading in the shares of a Nigerian company, Oando Plc, on the Johannesburg Stock Exchange (JSE) in South Africa has resume after the lifting of an embargo on the energy firm.
The company was stopped from trading its securities on the platform in March 2024 over its failure to file its audited results for the 2022 financial year.
In a statement issued about three months ago, Oando said the hammer fell on it after its appeal for an extension was rejected.
As a result, the JSE “suspended the secondary listing of its securities due to inability to meet the extended deadline to publish its 2022 audited year-end results and the interim results for 2023.”
However, after doing the needful, the stock exchange has lifted the prohibited and trading in the stocks of the organisation resumed on June 5, 2024.
“Oando Plc, Nigeria’s leading indigenous energy group listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE) hereby wishes to notify the public and its shareholders that it has received confirmation from the JSE on the lifting of the suspension on the secondary listing of the company’s securities.
“This change will take effect from today, June 5, 2024, allowing trading to resume.
“We acknowledge and appreciate the patience of our stakeholders during this time; furthermore, we remain committed to maintaining the highest standards of corporate governance and transparency,” a statement from Oando stated.