March 03, (THEWILL)- Transcorp Power is set to debut on the Nigerian Exchange Limited (NGX), boasting a market capitalisation of N1.8 trillion.
The company is a member of the Transcorp Group, which includes Transcorp Hotel, equally listed as a separate entity.
The company revealed in a statement that it aims to offer 7.5 billion ordinary shares, of 50 kobo each, at a listing price of N240.00 per share.
The listing ceremony is set to take place on March 4th at the premises of the Nigerian Exchange Limited.
It stated, “We are delighted to announce that the facts behind the Listing and Closing Gong Ceremony of Transcorp Power Plc to commemorate the Listing by the introduction of 7,500,000,000 Ordinary Shares of 50 kobo each at N240.00 per share on Nigerian Exchange Limited is scheduled for Monday, March 4, 2024”
THEWILL recalls that in April 2023, Transcorp Chairman, Tony Elumelu reportedly stated that there were plans to list Transcorp Power as a separate entity within 5 years.
Mr Elumelu made this comment when he was asked about rumours making the rounds about potential spin-offs of Transcorp Power Plc following a board resolution passed after its Annual General Meeting (AGM).
He had hinted that a spin-off was on the cards, albeit in five years, on the condition that transmission lines and challenges with gas would have been fixed.
“We are looking at about five years from now to list Transcorp Power because we believe the transmission lines would have been fixed and the gas supply to the power sector would have improved significantly,” Elumelu was quoted as saying. .
At an expected valuation of N1.8 trillion, Transcorp Power will become the second most valuable power company on the exchange and will automatically join the SWOOT (Stocks Worth Over One Trillion Naira) league.
At present, the most valuable power company based on market capitalization is Geregu Power with a market cap of N2.4 trillion.
THEWILL also recalls that Transcorp Power Plc, had on December 10, 2023, celebrated its 10 anniversary, marking a decade of unwavering commitment to powering progress and impact in society.
Transcorp Power Plc. was borne out of Transcorp Group’s drive to fulfil its purpose of improving lives and transforming Africa by investing in strategic sectors of the economy that can catalyse growth. Hence, its investment in the 972MW Ughelli Power Plant in 2013.
The power company has grown impressively over the last decade, becoming one of the leading power companies in the country.
Earlier last year, Transcorp Power became the first power generation company to be discharged from post-privatisation monitoring by the Bureau of Public Enterprise (BPE), having satisfied the requirements of the post-acquisition plan (PAP) compliance.
Peter Ikenga, Managing Director/CEO of Transcorp Power Plc, in his comments noted that the Company’s journey had been one of resilience, innovation, and a steadfast commitment to powering progress.
“As we celebrate the 10th anniversary of Transcorp Power Plc., we reflect on a decade of impactful contributions to the energy sector. I am immensely proud of our team’s dedication and the milestones we’ve achieved,” Ikenga said, adding that the anniversary is not just a testament to the Company’s past successes but a springboard for the future.
For the last decade, Transcorp Power has been an integral part of its host community, with several community-based projects aimed at improving livelihoods.
The Transcorp Staff School which Transcorp Power Plc. Adopted, following the takeover of the Ughelli Plant, currently serves the community as well as its employees, guaranteeing a higher quality of education for the children in the community.
“We remain committed to driving positive change and being a catalyst for sustainable development. Thank you to our team, stakeholders, and the communities we serve for being integral parts of this incredible journey. Here’s to the next decade of powering possibilities and lighting up the path to a brighter future,” Ikenga added.
At the event which held in Ughelli, Delta State, Transcorp Power also celebrated its employees who have been with the company since inception and have contributed significantly to the achievements of the past decade.
Transcorp Power Plc. has won multiple international awards, including the Leading Power Generation Company Nigeria 2023 (International Business Magazine Awards 2023), Leading Power Generation Company Nigeria 2023 and Most Sustainable Power Company Nigeria 2023 (2023 World Business Outlook Awards).
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
