The board of Red Star Express Plc, on Wednesday, through its Stockbroker, APT Securities & Funds Limited, has submitted an application to The Nigerian Stock Exchange for the approval and listing of N1.33bn Rights Issue.
A statement to stockbrokers by Lilian Dako, for the Head, Listings Regulation Department of the NSE, said the amount is being sought through an offer of 294.748m ordinary shares of 50 kobo each at N4.50 per share.
The rights issue, the statement continued, is on the basis of one new share for every two ordinary shares held by existing shareholders as at Wednesday, August 21, 2019.
Speaking at the 2019 annual general meeting the company’s chairman, Suleiman Barau, said the nets proceeds of the rights issue would enable Redstar expand its current operations, implement new growth opportunities already identified, and optimise its use of technology.