The Board of Directors of Red Star Express has submitted an application to capital market regulators seeking to raise about 1.33 Billion Naira in new equity funds from existing shareholders.
Red Star Express sets to offer 294.75 million ordinary shares of 50 kobo each through a rights issue to existing shareholders at N4.50 per share.
According to the statement released, “Dealing Members are hereby notified that 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.”
The Qualification Date for the Rights Issue is today Wednesday, 21 August 2019.
