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Trans-Nationwide Express to Expand Logistics Business with N238.6b Rights Issue

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Trans-Nationwide Express Plc (Tranex) has informed its shareholders that its rights issue which opened on Monday, July 24, 2017 will be channels to business expansion, to set on a growth trajectory in the logistics sector.

Tranex is a wholly owned Nigerian Logistics Company engaged in domestic and International Express delivery, haulage, freight and other ancillary transportation and storage services.

The company in a statement published on the official website of the Nigerian Stock Exchange on Friday also informed shareholders that the rights issue of 298.23 million ordinary shares of 50 kobo each at 80 kobo per share is on the basis of three new ordinary shares for every two ordinary shares held as at the close of business January 25, 2017.

Tranex Managing Director/CEO, Chidinma E Iheme encouraged shareholders to take advantage of this unique opportunity to increase their holdings in the Company.

She said the rights issue, billed to close on Wednesday, August 30, 2017, will further enhance profitability and shareholders’ value.

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