The Rights issue was subscribed by about 132.08 per cent.
The Transnational Corporation of Nigeria Plc (Transcorp) on Tuesday 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, Obinna Ufudo, noted that with the Rights Issue subscribed by about 132.08 per cent, it confirms the extent of the “unflinching support and trust reposed in the current Board and Management of the company by its shareholders.”
Mr. Ufudo said that all excess monies and interest that accrued on the rights issue have since been returned to the subscribers; and thanked shareholders for the significant show of support of the effort to turnaround the fortunes of the company.
He said that the funds raised would further strengthen the company’s ability to conclude existing transactions and initiate new investments in line with its vision to emerge as the market leader in the hospitality industry.
“The future just got brighter for the company and our 300,000 shareholders,” he noted.
In line with the Rights circular, he said the funds raised would be used mainly to refinance the company’s investments in the acquisition of Ughelli Power Plc and deepen its play in the hospitality and oil and gas sectors of the Nigerian economy.
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of about 300,000 Nigerians. Its portfolio comprises strategic investments and core interests in the hospitality, agribusiness and energy sectors.
Its subsidiary interests include notably Transcorp Hilton Hotel, Abuja; Transcorp Metropolitan Hotel, Calabar; Teragro Limited – Nigeria’s first-of-its-kind juice concentrate plant; and Transcorp Energy – operator of Oil Prospecting Licence (OPL) 281.
Transcorp, through its subsidiary, Transcorp Ughelli Power Limited, owns the $300 million 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, the market capitalization of Transcorp increased by about 54 per cent from N35.4billion to N54.6billion further restating the company as one of the most capitalized stocks on the Nigerian Stock Exchange.
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