By Business A.M.
HH Capital Limited, a special purpose vehicle (SPV) owned by Tony Elumelu, chairman, United Bank for Africa (UBA), has acquired 9,697,189,984 units of shares of Transnational Corporation of Nigeria Plc (Transcorp). This brings Elumelu’s total shareholding in the company to 9,991,173, 177 units, amounting to 25.58 percent of Transcorp Plc outstanding shares.
The announcement was contained in a notice presented to the Nigerian Exchange Group (NGX) by Funmi Olofintuyi, acting company secretary of Transcorp Plc.
“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 a total of 9,991,173,177 units, representing 25.58% of the Company’s total shares,”it read in part.
According to the notice, the recent acquisitions of Transcorp Plc shares, demonstrated the level of confidence the investing public has in the company. It also noted that Transcorp will continue to show unwavering commitment to stakeholders’ returns, premised on the ideology of Africapitalism.
The chairman of Geregu Power, has confirmed his acquisition of a 5.52 per cent stake in Transcorp Plc.
The development makes the billionaire businessman the second largest shareholder of the company.
Prior to the development, Transcorp confirmed that Femi Otedola, the chairman of Geregu Power, acquired a 5.52 percent stake in the company to become its second largest shareholder of the company.
