Oando shares drop for second day on money-raising plans

Wed Jan 29, 2014 6:16am EST
 
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ABUJA Jan 29 (Reuters) - Shares in Nigerian energy firm Oando fell nearly 10 percent on Wednesday, adding to a drop the day before after it announced plans to raise 250 billion naira ($1.5 billion), its second money-raising exercise in a month.

Oando shares in Lagos fell 2.26 naira, or 9.7 percent, to 21.02 naira per share. The stock had fallen 7.6 percent on Tuesday, when it revealed the plan to raise money via debt or equity.

Oando, which is also listed in Toronto and Johannesburg, a year ago agreed to buy ConocoPhillips' Nigeria assets for $1.79 billion. The deal has been delayed several times due to problems in raising funds, oil industry and banking sources say. ($1 = 162.7 naira) (Reporting by Joe Brock; editing by Jane Baird)