Red Star Express Plc to raise13.26 billion through Rights Issue

 

By Financescape

 

Redstar Express Plc a leading courier and logistics company listed on the Nigeria Stock Exchange to raise 13.26 billion additional capital through a rights issue.

 

In a notice released by the Nigeria Stock Exchange, Red Star Red Star Express Plc has through its Stockbroker, APT Securities and Funds Limited has submitted an application to The Nigerian Stock Exchange for the approval and listing of a Rights Issue of Two Hundred and Ninety-Four Million, Seven Hundred and Forty-Eight Thousand, Three Hundred and Eighty (294,748,380) ordinary shares of Fifty Kobo (N0.50) each at Four Naira Fifty Kobo (N4.50) per share, on the basis of one (1) new share for every two (2) ordinary shares held.

 

Redstar Price on August 21, 2019 close at N4.24. The company currently has 589,496,760 Shares Outstanding. The right issue at the ratio of 1:2 will increase the companies outstanding shares to 884,245,140 ordinary shares of Fifty Kobo.

 

 

The Qualification Date for the Rights Issue is today Wednesday, 21 August 2019.

Leave a Reply

*