CORPORATE NEWS: OANDO DIVESTS, SEC NIGERIA FLEXES MUSCLES.

OANDO COMPLETES DIVESTMENT.

Oando Plc has finally concluded its divestment of 49% voting rights in its subsidiary, Oando Gas & Power ltd (OGP) in favour of Glover Gas & Power BV.

According to a press release, the new co-owners of OGP is a special purpose vehicle company owned by Helios Investment Partners LLP, a private investment company focussed on Africa.

OGP is a major player in Nigerian local gas distribution that pioneered and now distributes at peak 70m standard cubic feet per day to over 175 industrial and commercial customers through a network infrastructure.

Helios Investment Partners managing partner, Tope Lawani said of the completion "The completion of the transaction underscores Helios commitment to investing in businesses that deliver energy access solutions to industries and consumers across the continent".

SEC NIGERIA FLEXES MUSCLES

Securities and Exchange Commission (SEC Nigeria) has flexed its legal muscles over what it described as "circular issued by a regulatory body  directing some persons to register as dealing members with the FNDQ OTC Securities Exchange" licensed by SEC.

According to a post on its website dated December 17,  SEC Nigeria referred to Sections 38 and 315 of the Investment in Securities Act (ISA) 2007 germaine  to the issue.

Section 38 bars any one from engaging in any activity in the Nigerian capital market unless registered with the commission.

On the other hand, section 315 defined dealing member as " a body corporate which is a member of a recognised securities exchange and is licensed to engage in dealing in securities on that exchange"

So, SEC Nigeria added the commission " will not hesitate to take enforcement action against any persons in violation of the law",

Finally, it said "While the commission remains supportive of initiatives geared towards advancing the Nigerian capital market, such initiative must confine to the prevailing legislative regime"

Comments

Post a Comment

Popular posts from this blog

2018: TWO BLOWS TO UNITED CAPITAL PLC.

When a child who in a previous examination scored 80%, comes home with a new report in which he now scores 67.2%, the parents have a right to sit him down and ask how come. So it must be between Nigeria's United Capital Plc and its discerning shareholders since the release of the company's 2018 audited figures. In 2018, all said and done, says the annual report, United Capital ended with 67.2 % profit margin compared to 80.2% in 2017. How come? What comes across from the figures was that the company received 2 blows to the jugular in 2018: Sharp drops in Investment income and fair value gain. Investment income dropped by 10.8% to N4422.8m from N4965.2m while fair value on financial assets plunged by 79.7% to N6.173m from 2017's N30.387m. In view of both drops, the group's gross earnings grew by only 33.9% to N9259.4m despite strong growths in net trading income, and net operating income leap to N757.5m from N143.5m  Other income streams ended with single digit increase....
Read more

KENYA AUCTIONS Ksh 13.84bn Treasury Bonds.

The Central Bank of Kenya (CBK) will from Tuesday December 18 to 27th 2018_ auction Ksh 13.84bn worth of fixed income Treasury Bonds with issue date December 17, 2018. According to official statement from the Director of Financial Markets Irene Njiru on Monday December 17, auction will continue throughout the stated period or close once the target money to be raised is reached, whichever comes first. Bid value will be paid for at most by 2pm December 31, 2018 while auction results will be made public on December 28, 2018 after the scheduled closing date. The bonds are being issued at 12.502% fixed interest at an adjusted average price of Ksh 100.468 for Ksh 100 bond. However, price payable after auction results publication will be average of successful bid prices based and allotment will be on first come first served basis. Meanwhile, the monetary operations and debt management department has released the interest payment schedule for 13 Treasury Bonds due January and February 2019. Th...
Read more

NAIROBI SE's HIGH PRICED EQUITIES.

In the wake of Nigeria's high priced quoted companies posted in this blog a while ago, Henates took a look to at Nairobi Securities Exchange June 23 official list to identify its high priced equities and the outcome was interesting too. Of the 66 companies quoted on the market by June 23, 15 or 22.7% were valued averagely at above 30 times nominal value. A word of caution though: There are two clear differences between the Nigerian stock market list and that of Nairobi: In the Nigerian one most listed companies have par or nominal value of N0.50 as is there is an implied agreement on this. On the other hand, at Nairobi most of the equities do not share common par value, they differ greatly. Then another thing, Nigerian equities are not valued below par, Nairobi ones can and many are so valued. Of the top 15 high priced equities at the Nairobi market, Safaricom topped with because by June 23, at 23.25 Ksh average price, it was valued 465 times its nominal value of just 0.0...
Read more