Transcorp Board Says Yet Not Yet Aware Of Otedola’s 5.9% Acquisition

The Transnational Corporation Plc (Transcorp), on Thursday said it has not received any formal notification of any relevant interest of its shares as reported by an online media outlet at the midweek.
Online media platform- Nairametrics had rep0orted that billionaire businessman and core investor in Geregu Power Plc, Femi Otedola, had “acquired 5.52% of Transcorp shares, making him the second largest shareholder of the company.”
The transaction, according to the report, was consummated between an entity owned by Otedola and the Asset Management Corporation Of Nigeria (AMCON), a major believed to have set the stage for the billionaire investor to make yet another hostile takeover for control of the conglomerate, which might pitch him against the current majority investor- Tony Elumelu and his Heirs Holding Group.
Nairametrics had also reported Tuesday’s crossing of 1,553,851,363.00 units of Transcorp for N2.1bn at an average price of N1.35 per share on April 11, 2023, in addition to 115m units of the stock at N1.4 per share, bringing Otedola’s stake to about 2.245bn shares, representing 5.52%, making him the largest shareholder behind UBA Nominees which owns about 9.25% stake as of December 2022.

Reacting further to the news report, Transcorp in the statement by Dr. Owen Omogiafo, the President & Group Chief Executive Officer, while welcoming the expression of confidence in the leadership and management of the group, in their “unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.”
The group, she continued, remain resolute in executing its “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 statement recalled that in the recently released financials for the full year ended December 31, 2022, Transcorp reported a 21% growth in total revenue, from N111.2bn in December 2021 to N134.7bn, just as its share price has risen by 23.9% year-to-date.

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