Insider dealings: Transcorp Plc sells 43m shares in Transcorp Power, rakes in N11.43bn

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Transcorp

The majority shareholder in Transcorp Power Plc, Transnational Corporation Plc, has liquidated about 43 million of its shares in the company at an average market price of N265.83 per share.

Transcorp Plc, the parent company of the power company would rake in about N11.43 billion.

A breakdown of the transactions done in two days (March 4 and 5 2024) showed that a total of 42,972,933 shares were sold at an average price of N265.83 per share.

Further breakdown indicated that 40,000 units of shares were sold at N264.00 per share on March 4 while an additional 2,972,933 units were sold at N290.40 per share on March 5.

Transcorp Plc disclosed that it carried out the transaction to boost liquidity for the newly listed company on the Nigeria Exchange Limited.

The Power generation company was listed on the NGX by introduction on Monday, adding 7.5 billion ordinary shares of 50 kobo each at N240 per share.

The listing buoyed the market capitalization of the NGX by N1.8 trillion.

TRANSCORP holds a dominant 51.57 percent of the total shares, which translates to approximately 3.87 billion shares. This majority stake confirms TRANSCORP’s significant influence over the company, positioning it as the primary parent company. Shareholders of Transcorp therefore have indirect ownership of Transcorp Power.

RichPoint Limited is the second-largest shareholder with a notable 33.27 percent ownership, reinforcing its substantial stake and involvement in the company’s affairs.

Another major shareholder is Woodrock Energy Resources Limited holds 7.46 percent of the shares. This stake, while smaller, still represents a meaningful investment in the company’s future. Notably, Woodrock Energy Resources Limited holds a 7 percent interest, with a unique twist: the Asset Management Corporation of Nigeria (AMCON) indirectly owns 2.9 percent of Transcorp Power Plc through its 12.5 percent ownership in Woodrock Energy Resources Limited.

Other major shareholders are Seaforce Investments Limited with 3.60 percent of the total shares,Thomassen Holding Limited, Holding 2.57 percent of the shares.

Minor Shareholders hold the balance of ownership, amounting to a mere 0.20 percent. This is dispersed among 7 shareholders, each holding less than 1 percent of the total shares.