Oando Plc has obtained a court order for extension to develop and submit Scheme of Arrangement Document for the purchase of minority stake from shareholders.
Oando’s minority shareholders, led by Venus Construction Company Limited, had approached the court to compel Ocean and Oil Development Partners Limited (OODP) or Oando to acquire their 299,257,869 shares.
OODP had agreed to purchase the shares, and the court in a ruling on June 7, 2022, ordered that Oando shall prepare within 30 days the Scheme Document for the purchase of all the Minority Shareholders’ shares in Oando Plc for submission to the Securities and Exchange Commission (SEC) and/or the NGX as may be necessary.
