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Oando Plc - Oando Plc Press Release Regarding The Conclusion Of Recapitalization And Partial Divestment Of Equity Stake

Release Date: 04/07/2016 10:02:00      Code(s): OAO     
Oando Plc
(Incorporated in Nigeria and registered as an external company in South Africa)
Registration number: RC 6474
(External company registration number: 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
(?Oando? or ?the Company?)

                                            PRESS RELEASE

  Oando concludes recapitalization and partial divestment of equity stake in its downstream
                      operations to a consortium of Helios and Vitol

                                          For Immediate Release

(Lagos, Nigeria) ? Oando PLC (?Oando? or the ?Group?), Nigeria?s leading indigenous energy group,
listed on both the Nigerian and Johannesburg Stock Exchange, has announced a $210 million
recapitalization of its downstream operations by HV Investments II B.V., (?HVI?), a joint venture owned
by Helios Investment Partners (?Helios?), a premier Africa-focused private investment firm and the
Vitol Group (?Vitol?), the world?s largest independent trader of energy commodities (together, the

As a result of this and further to the announcement on June 30, 2015, a new company will be formed
to hold interests in Oando Marketing Limited, Oando Supply & Trading Limited, Apapa SPM Limited,
and Oando Trippmart Limited. Oando PLC will retain 49% shareholding in the newly formed corporate
vehicle, with the Consortium owning 49%, and the residual 2% owned by a local entity.

Commenting on the transaction, Oando PLC?s Group Chief Executive, Wale Tinubu, said: ?Despite
global economic headwinds, we have taken the proactive approach to establish a strategic
partnership which will leverage Oando?s sector dominance, considerable local knowledge and
expertise; together with HVI?s international, and technical capabilities. This partnership will
reinvigorate Nigeria?s downstream sector and create one of Africa?s largest downstream operations.
We are extremely confident in the success and potential returns this alliance will deliver.?

The new company will be renamed OVH Energy (?OVH?) to reflect its ownership structure and the
commitment of its new shareholders. OVH will be led by a local management team, tasked with
building the business, safely and efficiently. Under the new business structure, the initial Board will
consist of Mr. Wale Tinubu, Group Chief Executive of Oando Plc., as the Chairman, Mr. Christian
Chammas, CEO of Vivo Energy, operating 1600 service stations across 16 African countries and
other Vitol and Helios representatives. The current CEO, Mr. Yomi Awobokun, will continue in his role.
The service stations will retain the Oando brand.

OVH?s assets will comprise over 350 service stations in Nigeria with supporting infrastructure,
including 84,000 tonnes of storage and a newly built inbound logistics jetty; as well as complementary
businesses, chiefly LPG filling and distribution, lubricants and an interest in a supply and bulk
distribution company in Ghana. The new business will be the second largest downstream fuels
company in Nigeria, with a market share of 12 per cent.

Co-founder and managing partner of Helios Investment Partners, Tope Lawani noted his firm?s track
record of creating successful businesses: ?We look forward to leveraging Helios? expertise in support
of OVH?s management team, and to building another partnership with Vitol, with whom we created
Vivo Energy, a leading pan-African downstream business.?

On his part, President and CEO, Vitol, Ian Taylor said: ?This investment underlines our commitment to
Nigeria. We are proud to have served our Nigerian customers for many years and we look forward to
being actively involved in building this new company, alongside our existing ventures.?

For further information, please contact:

Ainojie ?Alex? Irune
Head, Corporate Communications
2 Ajose Adeogun Street,
Victoria Island,
Lagos, Nigeria.
Email: airune@oandoplc.com
Tel: +234 (1) 2702400 Ext 6270

Tokunboh Akindele
Head, Investor Relations
2 Ajose Adeogun Street,
Victoria Island,
Lagos, Nigeria.
Email: aakindele@oandoplc.com
Tel: +234 (1) 2601290-9 Ext 6396

Andrea Schlaepfer
Email: acs@vitol.com
Tel:+44(0)207973 4230

Helios Investment Partners
Fergus Wheeler / Louisa Feltes / Jess Gill
Email: helios.sc@fticonsulting.com
Tel: +44 203 727 1000

4 July, 2016
JSE sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

Date: 04/07/2016 10:02:00 Supplied by www.sharenet.co.za                     
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