Mkpoikana Udoma
Port Harcourt — Transnational Corporation Plc commonly known as Transcorp Group, has announced the listing of one of its subsidiaries, Transcorp Power Plc via listing by introduction on the main board of the Nigerian Exchange.
The listing, according to the company, takes effect from today Monday, March 4, 2024.
Group Company Secretary, Transnational Corporation Plc, Mr. Stanley Chikwendu, said following the listing, Transcorp Group will have two subsidiaries listed on NGX, demonstrating its commitment to creating value for the Nigerian public and catalyzing economic growth in Nigeria.
“Transcorp Group will continue to maintain a significant holding in Transcorp Power Plc.
“Transcorp Power operates the Ughelli Power Plant in Delta State, with an installed capacity of 972MW. At the time of acquisition, the plant had an available capacity of 160MW. Transcorp Power invested and increased the available capacity to 680.83MW (a 227% increase) within four years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.
“Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market.
“Transcorp Group is one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
Transnational Corporation Plc
“Transcorp Group’s power businesses, Transcorp Power Plc and Transafam Power, provide 15percent of Nigeria’s installed power capacity. Transcorp Group is committed to developing Nigeria’s domestic energy value chain, though its investments in OPL287. The Group’s listed hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched digital platform Aura by Transcorp Hotels.”