The board of Transnational Corporation of Nigeria Plc (Transcorp), a conglomerate, on Monday informed investors of the successful completion of the reduction of its in issue (share reconstruction), which it described as a strategic action aimed at maximising long-term shareholders value.

The share reconstruction, which saw Trascorp Plc’s total shares reducing by 30.4bn shares or 74.87% from 40.6bn to 10.2bn units, according to a notice by Stanley Chikwendu, the Group Company Secretary, resulted in the number of shares been consolidated at a ratio of one new unit for every four held. Chikwendu explained that although “the number of shares reduced pro rata, the total value of shareholders’ investments remains unchanged with no dilutive impact to shareholders.”

The statement also quoted Mrs. Owen D. Omogiafo, President/Group Chief Executive of Transcorp Plc as saying the share reconstruction is in line with the company’s corporate strategy and growth plan, just as it is aimed at maximising shareholder value.

“The reconstruction will bring the capital structure to a manageable position. Transcorp Plc remains committed to driving growth and creating value for its shareholders through strategic actions that align with its business objectives,” she added.