Transcorp Power have joined Geregu Power Plc in the trillionaire club in the stock market after its valuation crossed N1 trillion.
Heirs holdings the major shareholder in Transnational Corporation of Nigeria Plc will list the energy business Transcorp Power on the Nigeria Exchange (NGX) on Monday March 4th at a N1.8 trillion valuation.Investment banking sources close to the deal told
MoneyCentral that a higher valuation close to N3.8 trillion was sought by Heirs
Holdings which was rejected by Nigeria’s Security and Exchange Commission
(SEC).
In 2010, following Heirs Holdings Chairman Tony Elumelu’s
retirement as the CEO of UBA, and in looking for new opportunities and
ventures, the Heirs Holdings Group, his family’s investment firm acquired
Transcorp Plc.
Transcorp plays in the hospitality and power sectors both in
generation and distribution.
In Power, Transcorp acquired the 972MW gas-fired Ughelli
Power Plant and ramped up its generations from 160MW to 701MW within four years
of taking over the plant.
Ughelli Power Plant is the first privatized power company to
be discharged from post- privatization monitoring having surpassed all set
targets by the BPE and the National Council on Privatisation.
In distribution, Transcorp owns a majority stake (60%) in
Abuja Disco.
Transcorp power subsidiary or segment that makes up 77.98
percent of Transcorp Group’s sales generated revenue of N151.25 billion in
2023, which is 46.48 percent higher than 2022’s N103.27 billion.
The power subsidiaries of Transcorp that include Transcorp
Power Limited (TPL) and Transafam Power are well positioned to exploit
available opportunities for growth.
Specifically, TPL holds a significant position as one of
Nigeria’s foremost electricity generation companies, and it proudly possesses
ownership of the esteemed Ughelli Power Plant.
The Group has been investing in the power sector for 10
years, with its first investment in the Ughelli Power Plant through TPL.
Transcorp Power joined Geregu Power Plc in the trillionaire club in the stock market after their valuation crossed N1 trillion.
Recently, the market capitalisation of Geregu jumped to N1.07 trillion on the back of the company’s share appreciating by 7.52 percent to N429 during trading.
Geregu’s share price rose from N399 — at the time its market valuation stood at N997.5 billion.
The development comes days after Femi Otedola, Geregu’s majority shareholder, rejoined the billionaire list, occupying the fourth spot behind AbdulSamad Rabiu, Mike Adenuga and Aliko Dangote.
0 comments:
Post a Comment