Transcorp Value Soars as Elumelu, Otedola Acquire More Shares
On Thursday, April 27, Transcorp announced to the investing public that Tony Elumelu and Femi Otedola had increased their ownership of Transcorp shares.
Between April 19 and April 25, Elumelu, the chairman of Transcorp, purchased 9,697,189,979 units of the company’s entire stock through HH Capital Limited.
1,843,008,604 shares of stock were purchased for N1.85; 6,552,167,522 shares were purchased for N2.45; 16,738,209 shares were purchased for N2.69; 1,039,399,057 shares were purchased for N2.95; and 245,876,592 shares were purchased at various rates.
With the addition of this new acquisition, HH Capital Limited now owns a total of 9,991,173,177 shares, or 25.58% of the shares in the firm.
Tony Elumelu, a billionaire investor, is the owner of HH Capital, which appears to be a contraction for Heirs Holdings.
Transnational Corporation Plc (the Company) thus notifies the Nigerian Exchange Limited (NGX) and the investing public of the following new acquisition of shares in the Company in accordance with Chapter 17, Rule 17.13 of the NGX Issuers Rules. With this latest acquisition, HH Capital Limited currently owns a total of 9,991,173,177 units, or 25.58% of the overall stock of the company, according to Transcorp.
Transcorp said on Thursday, April 27 that Otedola, the chairman of Geregu Power Plc, had purchased 228,384,959 units of shares on April 20.
Otedola had previously purchased 5.52 percent of Transcorp’s shares, or 2,245,639,251 units, a transaction the company verified on April 20.
According to these formal declarations, Otedola has acquired 2,474,024,210 shares, or nearly 6.08 percent, of the company.
Transcorp shares have increased dramatically over the past two weeks, according to the ICIR, as a result of both parties’ and other investors’ buy interest.
The share price of Transcorp closed at N3.12 on Thursday, April 27, according to a review of trading activity on the NGX’s trading floor. The company’s share price has increased by 122.86% in just two weeks as compared to the N1.4 it was on April 12.
In an interview with Arise TV on Wednesday, April 26, Elumelu stated, “I am pleased that Transcorp is becoming investors’ toast.”
“I appreciate Femi Otedola’s investment in Transcorp,” he continued. I’m pleased to see a vibrant local investing community. I like Femi’s local investment, and he deserves praise for it. Additionally, I appreciate his investment in Transcorp because the more investors there are and the more people who are interested in the business’ operations and financial results, the better it will be for our shareholders.
He said that until his leadership took over Transcorp roughly ten years ago, there wasn’t much interest in the stock of the company.
“Transcorp shareholders lost faith in the company when I tried to acquire it, so they couldn’t even locate their share certificates. Today, Transcorp has consistently paid dividends under our direction.
“Therefore, it is a confirmation when friends and the investing public come to invest in it. It lets you know that people have faith in your narrative, vision, administration, leadership, and expertise. I’ve shown you how to do it, and I want my friend to join us,” Elumelu remarked. He asserted that Transcorp had over 300,000 stockholders and that investments of 5%, 6%, or 20% in Trancorp add up to the same amount.
“What is important is that we have strong leadership, a strong board, and we continue to deliver on shareholders’ expectations or public expectation,” the executive said.
