Dipo Olowookere
By Dipo Olowookere
Leading courier and package delivery company, Red Star Express Plc, has increased its total issued and fully paid up shares to 926,352,051 units from 589,496,760 units.
This followed the listing of additional 336,855,291 ordinary shares of the company on the daily official list of the Nigerian Stock Exchange (NSE).
The additional stocks were from the rights issue of the firm, which was subscribed by 100 percent. The organisation sold the shares at N4 per unit on the basis of four new ordinary shares for every seven ordinary shares held by shareholders as at the close of business on August 21, 2019.
“Dealing members are hereby notified that additional 336,855,291 ordinary shares of Red Star Express Plc were today, Friday, 06 March 2020, listed on the daily official list of the Nigerian Stock Exchange.
“The additional shares listed on the exchange arose from Redstar Express Plc’s rights issue of 336,855,291 ordinary shares of 50 kobo each at N4 per share, on the basis of four new ordinary shares for every seven ordinary shares held as at August 21, 2019. The issue was 100 percent subscribed.
“With this listing of the additional 336,855,291 ordinary shares, the total issued and fully paid up shares of Redstar Express Plc has now increased from 589,496,760 to 926,352,051 ordinary shares of 50 kobo each,” a circular from the exchange said.
Red Star Express used proceeds from the rights issue for the provision of trucks; development of warehouse facilities at Lagos-Ibadan Expressway and the Murtala Muhammed International Airport in Lagos; deployment of more improved technology; working capital of the company.
The company said it was buying additional trucks to drive the logistics part of our business.
