Nigerian billionaire Femi Otedola has acquired 2.245 billion shares of Transnational Corporation Plc (NGX: TRANSCORP) representing about 5.52 percent of the company.
The acquisition makes him the second largest shareholder and the largest individual shareholder of the company.
The only shareholder with more than 5 percent shareholding in Transcorp is UBA Nominees Limited that holds 9.25% or 3.76 billion shares of the company, according to the company’s 2022 financial report.
Sources told Business Day that the transaction was facilitated by an agreement between an entity owned by Otedola and Asset Management Corporation of Nigeria (AMCON).
At the time of filing this report, Transcorp was yet to inform the investing public of this deal.
Transnational Corporation Plc is principally engaged in the power, agro-allied, oil & gas and hospitality industry. It controls subsidiaries like Transcorp Hotels, Transcorp Power, and Transcorp Energy.
Its equity price has risen 10 percent today to N1.54 per share on the Nigerian Exchange.
Transcorp grew its revenue to N134.72 billion in 2022 from N111.22 billion in 2021 but its profit after tax dropped to N16.84 billion from N23.83 billion.
Otedola who is also the chairman of Geregu Power, a company he took public in the third quarter of last year, owns 2.388 billion worth of shares indirectly through Amperion Power Distribution Limited, which is 95.56 percent of the company’s total ordinary shares of 2.50 billion, according to data from the NGX website.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
