Red Star Express Plc Holds 21st Annual General Meeting

Sule Bichi

Red Star Express Plc, one of the leading logistics company in Nigeria is set to hold its 21stAnnual General Meeting (AGM) on Thursday, August 14th, 2014. The Board of Directors will recommend a total of N206 million dividends payment to the shareholders for approval at the AGM for the year ended March 31st, 2014.

The dividend, which is 35kobo per 50 kobo share, if approved, will be posted on August 25th, 2014, to all shareholders, whose names appear on the Company’s Register by close of business on July 25th, 2014.

Red Star Express, the foremost provider of value added logistics solutions that are secure, prompt and effective, will utilize the platform to interface with the shareholders, and present its annual report on the affairs of Red Star Express Plc (the Company), its subsidiaries (the Group) as well as the consolidated audited financial statements for the year ended 31 March 2014. It will be a cherry AGM for Red Star shareholders, as the Company’s revenue grew from N5.293 billion in 2013 to N6.416 billion in the year under review.

The Managing Director, Red Star Express, Mr. Sule Umar Bichi stated that the Company has been consistent in paying dividends to shareholders in the last six years when its shares were listed on the Nigerian Stock Exchange.

Also at the AGM, Red Star Express Non-Executive Directors, Mazi Sonny Allison and Mr. Olayemi Peters will retire and offer themselves for reelection. While the Board’s appointment of two new Non-Executive Directors - Mr.Koguna Sulaiman Lawan and Sir Ogbechie Chris Ike on June 26, 2014, will be presented to the shareholders for approval.

Red Star Express was established with excellence in mind – to be the best service-driven logistics solutions company. The company has offices across the nation, and provides transportation, warehousing and other supply chain management services that are secure and effective through developing and retaining well-motivated, team-oriented workforce that shares common ideals and values.

Red Star is a licensee of FedEx, the world leading air express company with over 650 aircrafts and more than 250 delivery destinations worldwide.

The Company was incorporated in Nigeria under the Companies and Allied Matters Act on 10 July 1992 and commenced business on 12 October 1992. Red Star Express become a  public company on July 9th, 2007, and subsequently listed its shares on t h e Nigerian Stock Exchange (NSE) on 14 November 2007.