18th October, 2017
By Kazeem Ugbodaga
The Nigerian Stock Exchange, NSE, has suspended trading on the shares of Oando Plc with effect from October, 2017.
The NSE, in a statement on its website and signed by Tinuade Awe, General Counsel/Head of Regulation said dealing members were hereby notified that the Securities and Exchange Commission, SEC has directed it to suspend trading in the shares of Oando Plc.
The statement said the suspension took effect from 18 October, 2017,saying that the SEC directed that the suspension should be full.
“Effective from 20 October, 2017 and until further directive, The Exchange should implement a technical suspension in the shares of Oando Plc. A full suspension is the halt of trading activities in a listed security for a period.
“A technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented,” it said.
The statement added that in the 48-hour period commencing on Wednesday, there would be no trading in the shares of Oando Plc, adding that effective 20 October, 2017, investors would be able to trade in Oando Plc’s shares but that such trading would not result in any movement in the price of the shares.