Oando PLC, listed a petroluem marketing company on the Nigerian Stock Exchange and the Johannesburg Stock Exchange, has announced the results of its recent Rights Issue.

According to a statement from the company on Wednesday, the issue which opened on January 25 and closed on February 19 and was floated to raise 21bn Naira, returned 128 per cent subscribed.

'We are extremely pleased with the positive reaction to our rights issue inspite of the seeming apathy to capital market investments. This is an indication of the confidence of investors in our ability to optimise resources to create superior returns. These funds will complement our on-going strategy of investing in high margin businesses, as well as supporting our expansion plans to take maximum advantage of opportunities within Africa's energy landscape,' Oando's Group Chief Executive, Mr. Wale Tinubu said.

The company had on January 25, 2010 opened the acceptance list for a Rights Issue offer of 301,694,876 Ordinary Shares of 50 kobo each at N70.00 per Share on the basis of one new ordinary share for every three ordinary shares of 50 kobo each held as at the close of business on Friday, 18 December, 2009 for those shareholders in Nigeria whose names appear on the Register of Members and transfer books of the company and shareholders in South Africa whose names appear on the Register of Members and transfer books as at the close of business on Friday, 29 January, 2010.

In 2004, Oando raised N16billion, the highest at that time by a non-financial institution, through a rights issue and public offering at that time. The funds realised accelerated the company's transformation from a downstream business into one of Nigeria's largest indigenous energy groups.

Oando, which has six business divisions which include – exploration and production, energy services, gas and power, marketing, supply and trading, and Refining and Terminals, on April 12, 2010 announced results for the year ending December 31, 2009.

The company's pre-tax profits increased by 21per cent to N10.1bn compared to N8.3bn same period in 2008, while earnings per share increased by 23per cent. Over the last five years, growth in profitability has averaged 50 per cent year on year.