HH Capital Limited has successfully acquired 1,493,477,786 ordinary shares of Transnational Corporation Plc at a weighted average price of N3.12k per share. This transaction has raised its direct and indirect cumulative shareholdings, including those of related parties such as Tony O. Elumelu CFR, Dr. Awele Vivien Elumelu OFR, and Heirs Holdings Limited, to 35.94% of Transcorp’s total share capital.

As a result of this acquisition, mandatory tender offer requirements have been activated in accordance with the Investment and Securities Act of 2007 and the Securities and Exchange Commission (SEC) Rules and Regulations of 2013.

In a notification signed by Group Company Secretary Atinuke Kolade, it was stated: “In light of this development, we hereby inform the Nigerian Exchange Limited and the general public that HH Capital has secured the necessary approvals from the Securities and Exchange Commission to extend a tender offer for up to 2,032,399 fully paid and issued ordinary shares, representing 0.02% of the total issued and fully paid ordinary shares in Transcorp, to other shareholders at a 0.25% premium over the opening price of Transcorp's ordinary shares on the opening date, for each unit of ordinary shares tendered.”

This action is in line with HH Capital's disclosure obligations and underscores its dedication to regulatory compliance.