c kenneths, please check out
http://africanfinancialmarkets.com/f...T&NewsID=17299
But since you might need to register first, I'll just quote it:
Oando to issue $500m shares in South Africa
23rd August 2006
Oil company OANDO has started talks with three top South African investors. Old Mutual, Investec, and Sanlam to take up its new shares in a bid to raise about $500-million in the country by next year. This will increase the amount of shares in non-Nigerian hands to about 25 percent of its total shares.
"We listed on the JSE last year only by way of introducing OANDO to South Africa, but now we are meeting with institutional shareholders from whom we will look to raise more in due course," OANDO CEO Wale Tinubu told journalists in Johannesburg, South A frica. Tinubu said three of the institutions he had met were optimistic about the venture. "Everybody is positive because we are at the right industry at the moment."
He said the half-a-billion-dollar fund would be used for various projects including the expansion of its gas pipelines. OANDO is also expected to embark on another $500-million capital-raising exercise in 2009 when it hopes to obtain its own refining operation licence and produce a minimum of 200,000 barrels of refined product a day..
Johannesburg-based asset manager, Nothando Ndebele, said OANDO had been largely anonymous in South Africa for a number of reasons. "The low liquidity hasn't help. Only R9-million (about US$1.3-million) has been traded since it listed last year, averaging less than R1-million a month," said the asset manager.
Ndebele said OANDO is " also seen as more expensive "because its share price is sitting at a high price-earnings ratio of more than 20, nearly double that of SA petrochemical giant, SASOL's 11.
Source: Business Day Nigeria