A new core investor, Leaf Investment & Realtors Limited has acquired major stake in Oando Plc. Leaf Investment & Realtors Limited acquired 1.97 billion ordinary shares of 50 kobo each in Oando.
The acquired shares were formerly held by Alhaji Dahiru Mangal, which were subject of a long-drawn investors’ dispute recently resolved by the parties.
With the acquisition, Leaf Investment & Realtors Limited now holds 15.83 per ent equity stake in Oando.
Company Secretary, Oando Plc, Ayotola Jagun confirmed the acquisition in a regulatory filing at the Nigerian Exchange (NGX), after The Nation reported the transaction.
At its recent annual general meeting, shareholders of Oando had authorised the board of directors “to negotiate, take all such actions and enter into all such transactions, agreements and appropriate settlements with the Securities and Exchange Commission in relation to the investigations, findings, dispute and settlement arising from and relating to petitions brought by Ansbury Inc, an investor in Ocean and Oil Development Partners Limited (OODP) and Alhaji Dahiru Mangal, against the company and certain of its directors, and to likewise do all things necessary to settle all disputes between the company, the said directors and the petitioners and to ratify and confirm all actions hitherto taken by the management of the company towards resolving the said disputes”.