Trans-nationwide Express release results, unveils plans to seek fresh funds.
May 15th, 2008 Ikechukwu Emelike © www.StockMarketNigeria.com
By Ikechukwu Emelike.
Trans-nationwide Express Plc has made public its intention to increase its share capital from N250,000.000 to N500,000,000 through by way of right and public offer. This was made known by chairman of the company, Mr. Kayode Ajakaiye during the yearly general meeting held in Lagos. He announced that a total of 132,546,510 Ordinary Shares of 50 kobo each would be offered by way of rights in proportion of 1.1 Shares held by the existing shareholders and a total of 234,906,980 Ordinary Shares by way of public offer for subscription. The funds gotten from the offer is to aid in the expansion of its business.
Highlights of the company’s results for the 2007 financial year made available during the meeting showed that the company recorded an increase of 60 percent in its profit after tax from N28.58 million recorded in the previous year to N45.710 million in 2007.
Profit before tax for the period under review moved from N36.289 million in 2006 to N55.611 million in 2007 indicating a growth of 58 percent. Revenue also increased by 38 percent during the period from N278.58 million to N383.299 million.
The company has announced a dividend of 10 kobo per 50 kobo share for the financial year ended 31st December, 2007 amounting to N13.25 million.
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