Nigeria’s prominent indigenous energy group, the Johannesburg Stock Exchange (JSE) has taken the decision to suspend the company’s secondary listing due to delays in the publication of its financial reports.
The suspension, as communicated by the JSE in a letter dated March 27, 2024, comes in response to Oando’s failure to meet the extended deadline for publishing its audited year-end results for 2022 and interim results for 2023.
Despite Oando’s previous appeal to the JSE for further extension of time, the exchange proceeded with its decision to suspend the company’s listing.
This suspension has significant implications for investors, as it means that trading of Oando’s shares will be temporarily halted on the JSE.
The inability to trade shares during this period could potentially impact investors’ ability to manage their portfolios effectively.
According to Oando, the board is slated to approve the 2022 accounts on or before April 15, 2024.
Subsequently, these accounts will undergo regulatory approval by the Financial Reporting Council of Nigeria before being released to the market.
Also, the interim results for 2023 are expected to be made available shortly after the publication of the 2022 accounts.
The delay in financial reporting and subsequent suspension on the JSE underscores the importance of timely and transparent disclosure by listed companies.
Oando’s shareholders and the broader investment community eagerly await the resolution of these issues and the resumption of trading on the JSE, once the required financial reports are made available.
