Johannesburg Stock Exchange suspends Oando over ‘failure to submit’ financial results

Adebisi Aikulola
Adebisi Aikulola
Oando Plc

Oando Plc says trading on its shares has been suspended by the Johannesburg Stock Exchange (JSE) due to its inability to meet the extended deadline to publish its 2022 audited year-end results.

The company is listed both on the Nigerian Exchange Limited (NGX) and JSE.

Oando said it also failed to meet the deadline to publish its interim results for 2023.

According to a statement filed on the Nigerian bourse, Oando said the suspension was contained in a letter dated March 27.

The oil company, however, said its audited financial results will be approved by April 15.

“The Company had earlier unsuccessfully appealed to the JSE seeking a further extension of time within which to file the relevant accounts and requesting that it hold off its communicated intention to suspend Oando’s listing on the Exchange,” Oando said.

“Consequently, investors cannot trade the shares of the company during this period on JSE Limited.

“The 2022 accounts are scheduled to be approved by the Board of Oando PLC on or before the 15th of April 2024 and will thereafter be sent to the Financial Reporting Council of Nigeria for regulatory approval prior to their release to the market. 

“The interim results for 2023 will also be released to the market soon after the 2022 Accounts are published.”

The company said further updates will be communicated to the market upon changes to the current situation.

This is not the first time Oando has been suspended from JSE.

On October 19, 2017, JSE suspended Oando after the review of subsequent correspondence received from the NGX and Securities Exchange Commission (SEC).

Prior to this, the NGX, on October 18, 2017, suspended Oando’s trading following the directive of the SEC.

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