Red Star Express Plc has been commended by the Nigerian Stock Exchange for its successful Right Issue Offer, which ran from October to December 2019. This was made clear by the Divisional Head, Listing Business, Bolumole Olumide, during a visit by the management of Red Star Express Plc to the Nigerian Stock Exchange for its Closing Gong ceremony on Friday 13th March, 2020.
Speaking during the visit, Bolumole Olumide stated that the Nigerian Stock Exchange was very impressed with the success of the Right Issue Offer after it was reported that the offer was over-subscribed, meaning that the amount of capital raised was more than what was required. “We understand that the offer was over-subscribed and Red Star Express Plc raised more money than what was planned for. We believe that this is because the company not only provided an attractive offer for investors, but it also carries a huge reputation of constantly churning out good returns on investment. We remember the last time the management of Red Star Express Plc was here at the Stock Exchange, during its Facts Behind The Figures event. I remember the company making a positive impression on the stockbrokers present at the time. We believe this also helped in what was a very successful Rights Issue Offer” he mentioned.
He went to state that the Nigerian Stock Exchange would be upgrading its offerings to listed companies in order to drive progress in the Nigerian market space. “We are looking to help listed companies have more to work with to grow and expand in this environment. For instance, we now have Investment Relations experts who can also work with companies with fostering relationships with investors; both existing and prospective. We also Market Analysis experts who can help with providing market insights which can help guide investment decisions in listed companies who may need such assistance” he stated.
In his remarks, the Group Managing Director, Red Star Express Plc, Dr. Sola Obabori, expressed his gratitude to the Nigerian Stock Exchange for its support during the successful Rights Issue Offer; adding that it would not have been possible without the confidence of the Stock Exchange. “We are delighted with the results of the Rights Issue Offer as it shows that we currently retain huge confidence from our investors. We would like to thank the Nigerian Stock Exchange for its support throughout the period in which the Offer was available. Without your help, it would not have been possible. For this, we are grateful and we look forward to more outcomes like this one.” He remarked.