Increase market engagement’, NGX nudges Red Star on 30th anniversary

Nigerian Exchange Limited held a Closing Gong Ceremony to commemorate the 30th anniversary of Red Star Express Plc on Thursday, 7 December 2022, just as it encouraged the company to extend its market engagement activities.

The Divisional Head, Capital Markets, NGX, Mr Jude Chiemeka congratulated the firm on successfully weathering the challenges of the Nigerian business environment while delivering value for shareholders. He commended the company’s management for their efforts at driving growth in revenue amid a moderation in operating margin due to the inflationary pressures of the macro economy.

“I will encourage you to leverage the platforms setup by the Exchange like the Facts Behind the Figures to further engage the market, tell the story behind your performance and updates on your strategy and objectives. NGX provides the platform of choice for raising capital and with our international collaborations, opens you up to a wide range of domestic and international investors to achieve your goals and visions.” Chiemeka added that the Exchange had various investment products including but not limited to green, social and sustainability bonds that issuers like Red Star could take advantage of and also leverage capacity building initiatives handled by NGX’s knowledge platform, X-Academy.

Auwalu Babura, the Group Managing Director and Chief Executive Officer, Red Star Express, during his remarks spoke about the enhanced structure of the business and a renewed partnership with their major partner, Federal Express. “FedEx has decided to increase its investments in Nigeria and have upgraded their relationship with us, opening us up to bigger opportunities.”

He promised to embrace the Facts Behind the Figures platform to engage the capital market community and leverage other opportunities provided by the Exchange to boost its growth.