“Oando Plc Eyes N500 Billion Capital Raise and $300 Million Debt-to-Equity Conversion Amid Strong Growth”

Oando Plc, Nigeria’s prominent indigenous energy company, plans to raise up to N500 billion in fresh capital through public offerings in local or international markets to support its growth ambitions. At its annual general meeting on August 11, shareholders will vote on authorizing the issuance of up to 10 billion ordinary shares of 50 kobo each, via standalone issues or structured programs. With 12.43 billion shares currently outstanding, Oando’s stock closed at N50.5 on July 18, within a 52-week range of N17.45 to N98.4.

The company’s 2024 audited financials reveal robust performance: revenue nearly doubled to N4.086 trillion from N2.845 trillion in 2023, while group profit soared to N224.856 billion from N61.996 billion. Additionally, Oando intends to convert up to $300 million of reserves-based lending debt into equity and launch a $1.5 billion multi-instrument program for bonds and securities. These initiatives, including debt-to-equity swaps and private placements, will be priced through book building, subject to regulatory approvals.

References

“Oando to Raise N500bn, Convert $300m Debt to Equity” – DMarketForces (https://dmarketforces.com/oando-to-raise-n500bn-convert-300m-debt-to-equity/), published July 2024. This is the primary source for the capital-raising details, financial figures, and strategic plans.