BY BAMIDELE FAMOOFO
ABC Transport Plc, Nigeria’s leading Transport Company listed on the floor of the Nigerian Exchange Limited has made its intention to source about N1.13billion fresh capital from its existing shareholders to further enhance its business.
The Company, according to NGX Limited, has through its Stockbroker, FSL Securities Limited, submitted an application for the approval and listing of a Rights Issue of One Billion, One Hundred and Twenty Seven Million, Two Hundred and Thirty-Six Thousand (1,127,236,000) Ordinary Shares of Fifty Kobo (N0.50) each at Thirty-Five Kobo (N0.35) per share, on the basis of sixty-eight (68) new ordinary shares for every one hundred (100) ordinary shares held.
The qualification date for the Rights Issue was Tuesday, 30 November 2021 as Trading License Holders were duly notified by the Exchange through a circular.
In March 2003, Capital Alliance Private Equity acquired 30% shares of ABC Transport. With the acquisition, Capital Alliance (Nigeria) became stakeholders in ABC Transport, a partnership that re-positioned the company for greater performance.
ABC Transport Plc commenced operation in road passenger transportation on February 13, 1993 as an off-shoot of Rapido Ventures with a view to running a modern road transportation system in Nigeria.
