Oando Plc is seeking shareholders’ approval to list its shares on one or more foreign stock exchanges as the energy company moves to deepen its access to international investors and capital markets.

The proposal is contained in the agenda for the company’s 47th Annual General Meeting (AGM), scheduled to be held virtually in September.

Under the special business before shareholders, the company is askingbita shareholders to authorise its Board of Directors to approve and implement the listing of Oando’s shares on any foreign stock exchange or exchanges it considers suitable.

If approved, the resolution will empower the board to take all necessary steps, execute relevant documents and meet the listing requirements of the selected foreign market, subject to obtaining all required regulatory approvals.

The firm said the proposed mandate was deliberately not tied to a particular foreign exchange, giving the directors the flexibility to determine the market or markets considered most appropriate for the company.

The move would ultimately widen access to Oando shares among international investors, improve the company’s visibility outside Nigeria and potentially increase its liquidity and market.

The proposed cross-border listing comes as Oando continues to position itself as an integrated energy company with operations and investments across different markets.

Shareholders will also consider a general mandate covering transactions with related parties and interested persons. The mandate would allow the company to obtain goods, services and financing from related parties for its normal business operations, provided such transactions are conducted on commercial terms and comply with its transfer pricing policy and applicable Nigerian regulations.

The meeting will also consider the ratification of qualifying related-party transactions entered into before the AGM.

In another major proposal, Oando plans to amend its articles of association to expressly allow general meetings to be held physically, electronically, virtually or through a combination of these arrangements, subject to applicable laws and the rights of shareholders to participate and vote.

The company is also seeking approval to amend its Memorandum of Association to expand its business objects to include activities relating to digital assets and digital representations of value, rights, interests, obligations and ownership.

Meanwhile, the Nigerian Exchange Limited (NGX) extended its losing streak yesterday, shedding N544.48 billion of its market capitalisation amid sell-offs in several large- and mid-cap stocks.

The market capitalisation of listed equities fell from N156.52 trillion at the close of trading on Monday to N155.97 trillion on Tuesday, representing a decline of 0.35 per cent.

Similarly, the NGX All-Share Index (ASI) declined by 843.42 points or 0.35 per cent, to close at 241,611.23 points from 242,454.65 points recorded in the previous session. The decline came despite gains recorded by 22 equities, as 37 stocks closed lower, indicating a negative market breadth and continued selling pressure across several segments of the market.

The NGX market has remained volatile in recent sessions as investors reassess valuations following the strong rally recorded earlier in the year.