By Abiola Olawale
Transnational Corporation Plc (Transcorp Group) has announced its decision to list one of its subsidiaries, Transcorp Power Plc via introduction on the main board of the Nigerian Exchange (NGX).
This was made available in a press statement issued by the Group Company Secretary, Mr Stanley Chikwendu, on Monday.
According to the statement, there will be a “Facts Behind the Listing” at NGX Group House, where the management of TP Plc, led by the Chief Executive Officer, Mr. Peter Ikenga, will provide information to trading license holders, analysts, press and investors about the listing and the Company.
The statement reads, “Following this 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.
“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,” the company stated.
The New Diplomat reports that Transcorp Power is a member of the Transcorp Group, which includes Transcorp Hotel, equally listed as a separate entity.
It was gathered that the company aims to offer 7.5 billion ordinary shares of 50 kobo each, at a listing price of N240.00 per share.
At an expected valuation of N1.8 trillion, Transcorp Power will become the second most valuable power company on the exchange and will automatically join the SWOOTs (Stocks Worth Over One Trillion Naira).
The most valuable power company based on market capitalization is Geregu Power with a market cap of N2.4 trillion.
