Nigerian Stock Exchange. FedEx to get listed soon.
November 8th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
For a sector that has only one company for now, things are about to change, as the invasion by a new company is imminent.
The commercial services sector of the exchange for some time now has housed Trans-nationwide Services Plc as its only child. This will soon come to an end, as popular internationally known FedEx will be listed any moment from now on the exchange. This is following the company receiving necessary approvals from SEC and NSE.
The company, which is also known as Red Star Express had a successful private placement earlier in the year in which 75 million shares were issued at N4.00 per share. Upon conclusion of the offer, shareholder base increased from 32 to over 600.
The company is in the business of dispensing domestic postal services, mail room management and heavy weight trucking amongst other things. They have been in Nigeria for about 15 years and still counting.
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