Otedola, Elumelu, Heirs Holding, Others Revealed as Top Shareholders in Transcorp
- Recently, billionaire businessman Femi Otedola acquired about 5.52% of shares of Transcorp
- The acquisition makes Otedola the second-highest shareholder of the Company
- Tony Elumelu emerged as the highest shareholder of the firm, both directly and indirectly
With the news that Femi Otedola, owner of Geregu Power, has successfully acquired 5.52% shares in Transcorp, the billionaire has become the second-highest shareholder in the firm.
Transcorp is a Nigerian conglomerate with tentacles in hospitality, power generation, and oil and gas, among others.
Otedola takes a bite of the pie
Otedola acquired about 2.2245 billion company shares, making him the largest shareholder after Tony Elumelu.
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Elumelu has controlled the levers of the firm since 2012.
Daily Trust reports that the Nigerian billionaire investor holds about 273.1 million direct shares in the Company, 274 million indirect shares through Heirs Holdings, and 294 million shares via HH Capital.
Reports say about 1,695 investors own 89% of the firm’s shares and are mostly nominated by UBA.
Before Otedola’s share acquisition, no other person owned more than 5% of the Company.
Tony controls the majority shares of Transcorp
In a recent television interview, Tony confirmed plans to List Transcorp Power in the next five years.
His comment came as he was asked about a possible spinoff of Transcorp Power after a board resolution passed after its AGM.
The billionaire investor debunked claims that he planned to list the Power arm of Transcorp as a separate entity on the floors of the Nigerian Exchange.
“No (we are not listing); I hear that rumor from time to time, especially after some competing institutions were listed on the Exchange. No, we are long-term players; we want to grow more and significant value in the power sector.”
Elumelu confirmed that the spinoff was possible but said it could happen in the next five years based on the condition that transmission lines and gas challenges may have been fixed.
HH Capital takes a bite
On April 27, 2023, Nairametrics reported that Transcorp announced the acquisition of 25.58% of Transcorp Plc.
The Company informed the Nigerian Exchange Limited and the investing public about the new share acquisition by HH Capital Limited.
HH Capital is a special-purpose vehicle owned by Elumely.
The Company’s directors are Tony Elumelu, Awele Vivien Elumelu, Obinna Ufudo, ex-MD/CEO of Transcorp, Samuel Nwanze, and Matthew Isonanjo.
Per the acquisition details made available on April 25, 2023, the Company acquired 9,697,189,984 units of shares, bringing its total shareholdings in Transcorp to 9.9 billion.
NGX confirms acquisition
According to the details of the acquisition as of April 25, 2023, HH Capital Limited acquired 9,697,189,984 shares, bringing their total holdings in Transcorp to 9,991,173,177 units, representing 25.58% of the Company’s total shares.
The statement by the Company read:
“In compliance with Chapter 17, Rule 17.13 of the NGX Issuers Rules, Transnational Corporation Plc (the Company) hereby informs the Nigerian Exchange Limited (NGX) and the investing public of the below new acquisition of shares in the Company. With this new acquisition, HH Capital Limited now holds 9,991,173,177 units, representing 25.58% of the Company’s total shares.”
The NGX confirmed on its website that Transcorp sold 1,843,003,008,604 units at N1.85, valued at 6,552, and another 167,522 units at N2.45 worth of shares.
“I look forward to working with Transcorp”: Otedola clears air on purchase of shares
Legit.ng reported that billionaire Femi Otedola confirmed purchasing most Transnational Corporation (Transcorp) shares.
The billionaire confirmed the acquisition via a tweet on Monday, April 24, 2022, and said he looks forward to working with the corporation to achieve its potential.
Punch reports that in the notice signed by the Transcorp Secretary, Funmi, Olofintuyi, the company said it welcomes the investment.