Media

Media > Press Release > Archive

Nov 14, 2005

OANDO PLC TO LIST ON JSE LIMITED

Oando plc, the Nigerian listed integrated energy solutions provider with operations across West Africa, announced today that the company has made application to the JSE Limited ("JSE") and the South African Reserve Bank for a secondary listing by way of introduction of its entire issued share capital on the main board of the JSE, and plans to list on 25 November 2005.
Accordingly, Oando has today published its pre-listing statement, setting out for the benefit of the South African investment community, information relating to Oando, its operations and management, together with historical financial information relating to Oando.

Group CEO, Mr Wale Tinubu, said:
"Today, we received approval to list our shares on the Johannesburg Stock Exchange, Africa 's largest exchange.  In the spirit of New Partnership for Africa 's Development (NEPAD) initiative, we are excited to be the first African company to seek a cross-border inward listing in South Africa .  As an innovative, dynamic, and rapidly growing company, we see listing on the JSE as providing an additional source of capital to facilitate our aggressive growth plans and enhance our profile in the global capital market. The listing also provides prospective emerging market investors with an opportunity to diversify into high growth global markets".
Oando currently has a primary listing on the Nigerian Stock Exchange and at the close of business on Friday 28 October 2005, had a market capitalisation of ZAR 3,105.12 million*.

Originally focused on downstream petroleum marketing, Oando is today an integrated energy solutions provider with operations spread across West Africa , and spanning the energy value chain. Primary businesses include:

Oando Marketing
The leading oil marketing retailer with over 500 retail outlets in Nigeria and operations in Ghana , Togo , Liberia and Republic of Benin

Oando Trading
Africa 's largest independent and privately owned oil trading company.

Gaslink Limited
Pioneered the distribution of compressed natural gas via a 100km pipeline to industrial consumers in Nigeria .

Oando Power
Developers of dependable Independent Power Plants (IPPs).

Oando Energy Services
An integrated Oilfield services company, providing products and services to major upstream companies operating in Nigeria .

Oando Production & Development Company
An oil exploration and production company. The company recently won 3 oil blocks in Nigeria .

Oando Refinery
Oando is currently bidding for a government refinery whilst exploring an opportunity to build a 360,000 bpd Greenfield refinery in Lagos .

Mr Tinubu noted that:  "From its beginnings in downstream marketing, Oando's vision has been to become the premier energy solutions company in Africa . Recently, we have become the largest oil marketing company in Nigeria - a market where all of the global majors are active - and have successfully commenced our diversification along the energy value chain.  We pride ourselves on possessing a particular aptitude in identifying and flawlessly executing the exciting opportunities that exist in Africa ."

Note:
*Exchange rate used of N19.55/ZAR as current on 28 October 2005 .

For further information please contact -
Oando Plc
Tokunboh Durosaro/ Niyi Olowola +234 1 270 24 19
+234 803 302 2173

Financial adviser and sponsor to Oando
Deutsche Securities (SA) (Proprietary) Limited