Mr. Wale Tinubu. MD, Oando Plc
Shareholders of Oando Plc were last Friday urged to take advantage of the current low price of the stock to increase their holdings, in order to enjoy better returns in the very near future.
The call was made by the National Coordinator, Independent Shareholders of Nigeria (ISAN), Sir Sunny Nwosu, and General Secretary, Coordinating Committee of Zonal Shareholders Association of Nigeria, Mrs. Oludewa Thorpe, while speaking at the 35th Annual General of Oando held in Lagos.
Oando Plc, which is an integrated energy firm, which once traded above N23 per share this year, has remained below N20 due to lull in the stock market. It even closed at N14.69 last Friday.
Nwosu said the current price is an opportunity for shareholders to increase their holdings because of the growth potential given the huge investment the company is making in the three major sectors of the oil and gas industry.
“Apart from reducing the average cost for those who bought at high prices in the past, the new price also affords them opportunity for shareholders to own more shares and this will enable to earn more benefits going forward,” he said.
Speaking in the same vein, Thorpe said from mere petroleum products marketing, Oando has grown to become a major player in the down, mid and up streams segment of the industry. “This is the time to buy because the future is bright. Buy now and reap more in the future,” she said.
Addressing the shareholders, the Group Managing Director/Chief Executive of Oando Plc, Mr. Wale Tinubu, said the company was making significant investments that would guarantee steady returns in the future. He said some of the investments have already started yielding fruits that shareholders would soon benefit from.