‘To fund listing’ — Transcorp Power’s major investors sell N32.8bn shares

Three major shareholders of Transcorp Power Plc sold 116,586,240 shares in the Nigerian stock market on Monday and Tuesday.

This was disclosed in corporate trading documents published on the Nigerian Exchange Limited (NGX) — which oversees the stock market — on Wednesday.

The shares, worth N32.80 billion, were sold by HH Capital Limited, Rich Point Limited and Transnational Corporation Plc, to provide liquidity for Transcorp Power’s listing on the stock market.

Transcorp Power is a subsidiary of Transnational Corporation (Transcorp) Plc and was listed on the Nigerian bourse on Monday.

At the time of its listing, Transcorp Power opened at a market price of N264 per share with a N1.8 trillion market capitalisation, however, it closed trading at N1.98 trillion.

However, on Wednesday, Transcorp Power saw an increase in its share value, following a 9.99 percent appreciation in the company’s share price as it traded at N319.4 – up from N290.4 on Tuesday.

The company’s market valuation has surged to N2.39 trillion, an increase of N415.5 billion compared to the N1.98 trillion it closed with on Monday.

Meanwhile, according to the trading documents, HH Capital Limited, owned by Tony Elumelu, the board chairman of Transnational Corporation, sold 560,643 shares of Transcorp Power at N290.40 per share.

Rich Point Limited sold 73.05 million units at N290.40 per share, while Transnational Corporation sold 42.97 million shares at N265.83 each.