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    FG approves 300% increase in electricity tariff

    NERC has no authority over state tariff – Enugu Electricity Regulator

    US Court clears Donald Trump to run for President

    Breaking: US and EU agree trade deal

    Federal Government commissions three “ultra-modern” oncology centers

    Federal Government commissions three “ultra-modern” oncology centers

    How to register for Nnamdi Azikiwe University’s 2025/2026 Post-UTME and Direct Entry Screening

    How to register for Nnamdi Azikiwe University’s 2025/2026 Post-UTME and Direct Entry Screening

    Nnamdi Azikiwe University issues notice to Postgraduate Graduands on 17th Convocation Ceremony

    Nnamdi Azikiwe University’s guidelines for 2025/2026 POST-UTME, Direct entry screening exercise

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    FG denies JSS1 admission age rumors, confirms 10-year minimum

    FG approves 300% increase in electricity tariff

    Enugu State Electricity Regulator lacks power to reduce electricity tariff – NERC

    UK bans Nigerian students and others from bringing family

    UK stops issuing new Health and Care Worker visas to foreign workers

    Trump wins a resounding victory in first Republican primary in Iowa

    Trump secures U.S. – Japan strategic trade and investment agreement

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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    UBA commences Rights Issue of 3.15 billion ordinary shares

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    UAC of Nigeria Plc to acquire Chivita|Hollandia (CHI Limited)

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    Cryptocurrency: XRP hits new All-Time High at US$3.65

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    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

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    NGX Daily Equities Market Report: Market gains for third consecutive days

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    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

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    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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Femi Otedola sells stake in Transcorp, share price falls 9.94%

Friday, 28 April 2023, 3:49 pm
in Markets, Stocks/Equities
0
We have not received formal notification of Otedola’s share acquisition – Transcorp
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Nigerian billionaire, Femi Otedola has exited his stake in Transnational Corporation Plc (NGX: TRANSCORP), a publicly traded diversified conglomerate after reaching a deal with its chair, Tony Elumelu.

The news of the transaction had investors racing to offload Transcorp from their portfolios on Friday, with over 270 million units of shares on offer for sale at one point at the lowest possible price of N2.81 per share with no outstanding buy orders, the data from Transcorp order book showed.

Transcorp, which had gained 122.86% in the last 2 weeks, rising from N1.4 on April 12 to N3.12 per share on Thursday April 27, lost 9.94% of its value Friday to close at N2.81 per share on Friday.

Elumelu acquired Otedola’s shares at Thursday’s closing price of N3.12 per share at an options contract due to be paid in a series of instalments over time, according to sources familiar with the matter.

“Both parties believed that reaching an agreement was in their best interests to do so, so the negotiations leading up to it were said to be brief but friendly. Otedola and Elemelu openly committed to collaborating to advance Transcorp’s objectives,” sources said.

Investogist reported on April 13 that Otedola acquired 2.245 billion shares of Transcorp representing about 5.52 per cent of the company.

The acquisition made him the second largest shareholder and the largest individual shareholder of the company.

Transcorp on April 20, said it welcomed the acquisition of its shares by Femi Otedola, stating that it is an expression of confidence in its leadership and management.

Investogist also reported on Thursday that Tony Elumelu’s HH Capital Limited acquired an additional 9,697,189,984 shares of TRANSCORP bringing its total shareholding in the company to 9,991,173,177 units.

With this acquisition, HH Capital Limited is now the biggest single shareholder of the company, holding 25.58% of the Transcorp’s 40.64 billion outstanding shares.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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