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JSE suspends trading of Oando shares

The Johannesburg Stock Exchange, JSE, yesterday, suspended trading of Oando Plc shares on its exchange after it received a letter from Nigerian Stock Exchange, NSE, regarding the directives from the Securities and Exchange Commission, SEC.

The SEC had directed the NSE to suspend Oando’s shares from trading pending the conclusion of an investigation over allegations of gross misconduct levelled against the management of Oando.

In a notice issued, yesterday, JSE said: “The company has received communication from its primary listing, the Nigerian Stock Exchange, NSE, that Securities and Exchange Commission, SEC, has issued a directive to immediately suspend the trading of Oando shares, a directive to which the NSE has complied.

“The JSE has accordingly suspended trading of the Oando shares with effect from 09:00 a.m. SA time, pending clarification following the review of subsequent correspondence received October 18, 2017 from the NSE and SEC and will provide a full statement of the Company’s position as soon as possible.”


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