Transnational Corporation Plc ( NGX: TRANSCORP), on Monday announced the completion of its share reconstruction, describing it as “a strategic action aimed at maximising long-term shareholders value.”
The share reconstruction involved a consolidation of the company’s total number of issued shares at a ratio of 4 to 1, reducing the total issued and fully paid shares of Transcorp Group from 40.6 billion shares to 10.2 billion shares.
However, the total value of shareholders’ investments remains unchanged despite the reduced number of shares.
The reconstruction saw TRANSCORP share price move from N11.05 per on Friday, 25th October 2024 to open at N44.20 per share on Monday on the Nigerian Excchange.
It however, closed the day at N48.6 per share as it gained 9.95% during the intraday trading.
Commenting on the share reconstruction, Owen D. Omogiafo OON, President/GCEO of Transcorp Plc said, “This share reconstruction is in line with the company’s corporate strategy and growth plan and is aimed at maximizing shareholder value. The reconstruction will bring the company’s capital structure to a manageable position.”
The company said it remains committed to driving growth and creating value for its shareholders through strategic actions that align with its business objectives.
