The board of Red Star Express Plc, a world-leading courier and package delivery company in Nigeria and also a licensee of FedEx in the country, has revised both the volume and value of shares it is offering for sale in the proposed rights issue of the company.
Further to the Market Bulletin with Reference Number: NSE/RD/LRD/MB47/19/08/21, dated 21 August 2019 on the above subject, Dealing Members are hereby notified of revised terms to the proposed Rights Issue by Red star Express Plc (the Company).
Consequently, the revised terms of the Rights Issue as stated in the SEC approved Rights Circular are now Three Hundred and Thirty-six Million, Eight Hundred and Fifty-five Thousand, Two Hundred and Ninety-one (336,855,291) ordinary shares of Fifty Kobo (N0.50) each at Four (4) Naira per share, on the basis of Four (4) new share for every seven (7) ordinary share held.
Red Star Express is a world-leading courier and package delivery company in Nigeria and also a licensee of FedEx in the country. The leading logistics solution provider has offices in over 160 locations in Nigeria.
Red Star Express is now offering for sale 336,855,291 ordinary shares of 50 Kobo each at N4 per unit on the basis of four new ordinary shares for every seven ordinary shares held as at the close of business on August 21, 2019.
