The Johannesburg Stock Exchange (JSE) has suspended trading in shares of Nigerian oil and gas company Oando Plc.
The suspension, effective from March 27, stems from Oando’s failure to meet deadlines for filing its audited financial results for 2022 and interim results for 2023.
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The JSE had previously granted Oando extensions to meet the filing deadlines. However, the company’s inability to comply with the exchange’s regulations prompted the suspension.
The company, in its notification to the public and its shareholders, disclosed that it had sought an additional extension from the JSE to submit the required financial documents.
However, the request was denied, leading to the suspension of its securities trading on the exchange.
“Consequently, investors cannot trade the shares of the company during this period on the JSE Limited,” the company said.
Oando has communicated that its board is expected to approve the 2022 financial accounts by 15 April 2024. Following this approval, the accounts will be submitted to the Financial Reporting Council of Nigeria for regulatory approval before being released to the market.
“The 2022 Accounts are scheduled to be approved by the Board of Oando PLC on or before the 15th of April 2024 and will thereafter be sent to the Financial Reporting Council of Nigeria for regulatory approval prior to its release to the market. The interim results for 2023 will also be released to the market soon after the 2022 Accounts are published,” the company said.
