Lagos - Oando Energy Resources has concluded plans to convert its $218.9 million (N36.135 billion) loan to its Toronto-listed unit, Oando Energy Resources (OER) to shares.
The deal is meant to increase the company’s stake in the subsidiary by 1.6 percent to 93.6 percent, reports BusinessDay
The deal already approved by the Toronto Stock Exchange will see the company issuing 150 million shares at C$1.57 per share to its parent company.
The loan facility was part of the $1.2 billion facility approved in February to help finance the acquisition of ConocoPhillips Nigerian assets.
Read more at BusinessDay
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