Transcorp record 94% shares rise on power plant acquisition


Transcorp CEO Obinna Ufudo during Bell-Ringing-CeremonyThere has been a renewed demand for the shares of Transnational Corporation of Nigeria Plc (Transcorp) at the stock market after the company took over the Ughelli Power plant on November 1, 2013.

Thank you for reading this post, don't forget to subscribe!

Transcorp   acquired the Ughelli power plant, one of the generating plants unbundled from the Power Holding Company of Nigeria (PHCN).  And the federal government has handed over the plant to Transcorp along with others, similarly sold to private investors.

THISDAY checks revealed the successful acquisition of the power plant has led to a renewed demand for the shares by investors, who are reacting to the positive long-term impact the new investment would have on Transcorp Plc.

Consequently, the shares of Transcorp, have appreciated by 94 per cent in the last two weeks. The stock rose from N1.87 on November 1 to N3.63 last Friday, translating into a capital gain of 94 per cent.

Transcorp is a conglomerate with a diversified shareholder base of over 300,000 investors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company. Transcorp portfolio comprises strategic investments in the hospitality, agribusiness and energy sectors. Its line of business include: Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operator of TeragroBenfruit plant and now Transcorp Ughelli Power Limited.

Commenting on the power plant, Chairman of Transcorp, Mr. Tony Elumelu, said: “It is a very symbolic platform that we have just acquired. We are strong in the business of turnaround. We know how to turn around businesses. The new plant that we have just acquired is one that is going to provide a platform for us to demonstrate in a bigger landscape what we are used to doing on turnaround of businesses.”

According to him, Transcorp has a track record for turnaround businesses, stating: “Ughelli Power plant today is generating 330mw. Installed capacity is close to 1,000mw. We want to quickly raise the output of this plant to 1,500mw.”



[This Day]

Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

Share post:



More like this

IX Africa Launches Kenya’s First Hyperscale Data Centre in Partnership with Schneider Electric

July 16,2024. IXAfrica Data Centres has launched East Africa’s first...

NECO releases 2024 examination results for Unity schools

July 16, 2024. Azonuchechi Chukwu. The Federal Government has released the...

Nigerian Singer Wizkid celebrates 34th birthday

July 16, 2024. Azonuchechi Chukwu. Nigerian singer and songwriter Wizkid triggered...

Chinedu Ikedieze celebrates wife on her birthday

July 16, 2024. Azonuchechi Chukwu. Nollywood actor Chinedu Ikedieze popularly known...
× How can I help you?