Kelvin Bowoto
Transnational Corporation (Transcorp) Plc announced on Monday that its subsidiary, Transcorp Power Plc, will be listed by introduction on the Nigerian Exchange’s Main Board.
The Group, in a statement signed by the Company Secretary, Stanley Chikwendu, said, “There will be a ‘Facts Behind the Listing’ session at the Nigerian Exchange, where the Management of Transcorp Power, led by the Chief Executive Officer, Mr. Peter Ikenga, will provide information to trading license holders, analysts, the press, and investors about the listing and the company.”
It further stated that with this offering, Transcorp Group would have two subsidiaries listed on the NGX, indicating its commitment to creating value for the Nigerian public and driving economic growth in Nigeria.
According to the announcement, the Transcorp Group will retain a sizable stake in Transcorp Power Plc. The Ughelli Power Plant in Delta State is operated by Transcorp Power and has an installed capacity of 972 MW.
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Transcorp Power increased the plant’s capacity from 160 MW to 680.83 MW (a 227% increase) within four years of acquisition, surpassing the Bureau of Public Enterprises’ objective of 670 MW.
“Transcorp Power Plc is a member of the West African Power Pool and the ECOWAS Regional Electricity Market.” Transcorp Power currently supplies power to the ECOWAS Regional Market,” the statement claimed.
Transcorp Group is one of Africa’s top publicly traded corporations, with strategic interests in electricity, hotels, and energy, driven by a purpose to improve lives and transform Africa.
Transcorp Group’s electricity operations, Transcorp Electricity Plc and Transafam Power, account for 15% of Nigeria’s installed power capacity. The Group reiterated its commitment to growing Nigeria’s local energy value chain through its investment in OPL287.
Techrectory with Agency Report.
