Transnational Corporation Plc Announces the Acquisition of Shares by HH Capital Limited
Transnational Corporation Plc (Transcorp) in a statement has notified the Nigerian Exchange Limited (NGX) and the investing public of the acquisition of new shares by HH Capital Limited.
HH Capital is a company (Special Purpose Vehicle) owned by billionaire investor Tony Elumelu and appears to be an acronym for Heirs Holdings.
A public search of the company reveals the directors are Tony Elumelu, Awele Vivien Elumelu, Obinna Ufudo (former MD/CEO of Transcorp Plc), Samuel Nwanze, and Matthew Isonanjo.
The statement by the company read; “In compliance with Chapter 17, Rule 17.13 of the NGX Issuers Rules, Transnational Corporation Plc (the Company) hereby informs the Nigerian Exchange Limited (NGX) and the investing public of the below new acquisition of shares in the Company.”
“Details of the acquisition as at April 25, 2023, HH Capital Limited acquired 9,697,189,984 units of shares, bringing their total holdings in Transcorp to 9,991,173,177 units, representing 25.58% of the Company’s total shares.”
“As noted in our previous communication, the Company welcomes the continued expression of confidence in its leadership and management by the investing public, as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism. Rest assured, we are committed to remaining resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, transforming Africa, and contributing positively towards building prosperity for all,” the statement read.
In a press release posted on the website of the NGX, Transcorp Plc stated that HH Capital purchased 1,843,008,604 units @ N1.85 6,552, another 167,522 units @N2.45.
It also stated that purchases of 16,738,209 units @ N2.69, 1,039,399,057 units @N2.95, and 245,876,592 @various prices all totaling 9,697,189,979 were part of the transactions consummated between April 19 to April 25, 2023.
It is however unclear if UBA Nominees, which was the erstwhile majority shareholder of Transcorp Plc still retains its shareholding or if part of it was crossed to HH Capital Ltd.
Meanwhile, Transcorp Plc also announced Femi Otedola purchased a further 228,384,959 shares of the company adding to the 5.05% he already owns.
