By Chinwendu Obienyi
Transnational Corporation Plc (Transcorp) has denied receiving any formal notification of any relevant interest in its shares.
This is coming after reports stated that the Executive Chairman, Geregu Power Plc, Femi Otedola, had acquired 5.52 per cent of Transcorp shares, making him the second largest shareholder of the company.
The company had on Tuesday performed trade of about 1.5 billion units of shares valued at about N2.1 billion at the close of trading. Another 115 million units of the stocks crossed on the exchange closing at N1.4 per share.
The report also stated that the transaction was consummated between an entity owned by Otedola and the Asset Management Corporation of Nigeria (AMCON). According to the report, the acquisition of Transcorp shares by the businessman could spark another bidding war for control of the conglomerate.
However, in a notification titled; NGX request for clarification of media report, sent to the Nigerian Exchange Limited (NGX) on Thursday, the company denied receiving any relevant interest in its shares.
It said, “Transcorp notes the recent media reference to the acquisition of shares in the company. Whilst the company has not yet received a formal notification of any relevant interest in its shares, Transcorp, Nigeria’s largest conglomerate welcomes every new shareholder acquiring shares in the company.
We welcome the expression of confidence in the leadership and management of Transcorp Plc as we continue our unwavering commitment to superior stakeholder returns anchored in our ideology of Africaptialism. We remain resolute in executing our group’s strategy of making strategic investments in key sectors within the Nigerian economy, our transformation agenda and our ability to contribute positively towards building prosperity”.
The Group released it’s financial results for the full year ended December 31, 2022, showing total revenue rose by 21 per cent from N111.2 billion recorded in 2021 to N134.7 billion.
The group’s share price closed at 10 per cent at the close of trading yesterday, as its price has gone up by 24 per cent year-to-date (YTD).
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