A major brand in the courier industry, Trans-Nationwide Express (TRANEX) Plc has secured N216 million new equity funds from its existing shareholders, about N23 million below the initial target of N238.6 million.
Shareholders subscribed to 270.03 million ordinary shares of 50 kobo each at 80 kobo per share to build up long-term capital to put the company in a vantage position to take advantage of emerging opportunities.
Tranex had offered three new ordinary shares of 50 kobo each for every two ordinary shares held under a N238.6 million rights issue.
The company offered 298.23 million ordinary shares of 50 kobo each at 80 kobo per share.
Trans-Nationwide Express, Managing Director, Chidinma Iheme, said the net proceeds of the rights issue will be used to finance business expansion in order to set the company on a growth trajectory in the logistics sector.
“It will further enhance profitability and shareholders’ value,” Iheme said.
Incorporated as TNT Skypak Nigeria Limited in March, 1984 as a private limited liability company, TRANEX changed its name to Trans-Nationwide Express Plc and became a public limited liability company in September 1992.
With a share capital of N250 million and more than 3,600 shareholders, TRANEX was listed on the Nigerian Stock Exchange in 1993.