Oando Plc will, at its 46th Annual General Meeting (AGM) on August 11, seek shareholders’ authorisation to raise additional capital of up to N500 billion or its foreign currency equivalent in the Nigerian and/or international capital markets.
Oando will also be seeking shareholders’ approval to issue up to 10 billion ordinary shares of 50 kobo each, either as a standalone issue or by the establishment of capital raising programmes. The company currently has 12,431,412,481 shares outstanding, each valued at N50.5 as of July 18. It had reached a 52-week high of N98.4 and a 52-week low of N17.45.
The company’s audited consolidated and separate financial statements for the year ended December 31, 2024 shows that it almost doubled its revenue to N4.086 trillion last year from N2.845 trillion in 2023. The group’s profit more than doubled to N224.856 billion from N61.996 billion in 2023.