01 September 2013, Lagos – Transnational Corporation of Nigeria Plc or Transcorp has announced the official listing of its Rights Issue of 12,906,999,142 ordinary shares on the floor of the Nigerian Stock Exchange, NSE.
The President/CEO of Transcorp Mr. Obinna Ufudo said the Rights Issue was 132.08% subscribed thus confirming the unflinching support and trust reposed in the current Board and Management of the company by its shareholders. All excess monies and interest accrued thereon have been returned to the subscribers.
He stated further, “We thank our Shareholders for this significant show of support of our turnaround initiatives. The funds raised further strengthen our ability to conclude existing transactions and initiate new investments in line with our vision. The future just got brighter for the company and our 300,000 shareholders”.
In line with the Rights circular, the funds raised will be used mainly to refinance the company’s investments in the acquisition of Ughelli Power Plc and deepening its play in the Hospitality and Oil and Gas sectors.
Transcorp, through its subsidiary, Transcorp Ughelli Power Limited, owns the $300million Ughelli Power Plant acquired under the privatization of the Nigerian power assets by the Federal Government. The company is also embarking on new hospitality projects in Lagos while refurbishing and expanding the Transcorp Hilton Hotel, Abuja.
With the listing today, the market capitalization of Transcorp increased by about 54% from N35.4billion to N54.6billion further restating the company as one of the most capitalized stocks on the Nigerian Stock Exchange.
– Bukola Afolabi, The Nation