Regional Express Holdings Limited (Rex), Australia’s largest independent regional airline, will make its stock market debut and begin trading on the Australian Stock Exchange at 11.00am EDST today.
Regional Express Holdings Limited’s securities will trade under the ticker-code REX. There will be 115 million shares quoted issued at $1.00.
Managed and fully underwritten by Tricom Equities, the offer was more than two times oversubscribed from both institutions and public allocations.
Commenting on the listing, Rex’s Executive Chairman, Lim Kim Hai, said it was another milestone in the history of Rex.
“Rex continues to break new ground in its development. Born out of the amalgamation of the two regional airlines, Hazelton and Kendell, Rex has emerged strongly from the difficult period following the collapse of the Ansett Group.”
“We have built on the great heritage of these airlines with a clear mission to bring affordable and reliable air services to regional Australia,” Mr Lim said.
The listing comes after a strong financial performance where Rex made profits of $11.3m last Financial Year and is forecasting $15.1m in the current year.
In conjunction with the listing, Rex has also released a new website, updated with an investor relations section for shareholders to access pertinent information about the Company.
Rex (Regional Express Holdings Limited) operates 33 regional routes in south eastern Australia from Sydney, Melbourne and Adelaide and has a fleet of 29 aircraft.
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