Redstar Express lists additional 336,855,291 shares on the NSE

Redstar Express Plc has listed an additional 336,855,291 ordinary shares on the Nigerian Stock Exchange.

In a notice filed by the Nigerian Bourse to the investing public, the additional shares were listed yesterday, Friday, March 6th, 2020, on the daily official list of the NSE.

The additional shares listed on the Exchange was as a result of the 100% oversubscription of its initial Rights Issue of 336,855,291 ordinary shares of N0.50 kobo each at N4.00 per share, on the basis of four (4) new ordinary shares for every seven (7)ordinary shares held.

The rights issue was declared on August 21, 2019.

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 926,352,051ordinary shares of N0.50 kobo each," the statement read in part.

Red Star Express is a world-leading courier and package delivery company in Nigeria. It is also a licensee of FedEx in Nigeria.