NGX Admits 356.18 Million Shares Of Tranex After Rights Issue

The Nigerian Exchange Limited (NGX) has admitted an additional 356.18 million ordinary shares of Trans-Nationwide Express Plc following the company’s recently concluded rights issue, expanding the logistics firm’s total issued shares to 854.33 million.

In a market bulletin issued to Trading Licence Holders, the Exchange disclosed that the additional 356,184,337 ordinary shares of 50 kobo each were listed on the Daily Official List of NGX.

The newly listed shares arose from the company’s Rights Issue of 498,150,077 ordinary shares of 50 kobo each at N1.05 per share.

The offer was structured on the basis of one new ordinary share for every one ordinary share held by shareholders as of the close of business on January 7, 2025.

According to the NGX, the rights issue recorded a subscription rate of 71.5 per cent, while all subscribed shares were fully allotted to investors.

The listing represents a capital expansion for the company, with the total issued and fully paid-up shares of Trans-Nationwide Express Plc increasing from 498.15 million shares to 854.33 million shares following the admission.

The development is expected to strengthen the company’s capital base and provide additional liquidity in its shares on the Nigerian bourse, while also supporting its operational and growth objectives within the country’s logistics and courier services sector.

Rights issues remain one of the major avenues through which listed companies on the NGX raise fresh capital from existing shareholders, allowing investors to maintain their ownership stakes while providing issuers with funds for expansion, working capital and strategic initiatives.

Market analysts noted that although the offer was not fully subscribed, the 71.5 per cent subscription level reflects sustained shareholder interest amid prevailing macroeconomic and market conditions.