Nigeria: Oando to Invest in Upstream
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Friday, 22 January 2010 |
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Oando has announced last week that it plans to raise us$140 million
through a rights issue to refinance its acquisition of upstream assets.
Oando, which is also listed on the Johannesburg Stock Exchange, said
its board has approved the plan to offer 301.69 million shares at
47cents per share to existing shareholders, the proceeds of which
will provide operational capital for the funding of the assets and new
gas and power investments. The rights issue of one new share for
every three held as at Dec. 18 will open on Jan. 25 and close on Feb.
19, the company said in a public notice.
PetrolWorld 220110 ($1=148.83 naira)
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