HH Capital Acquires 1.999bn New Shares Of Transcorp

Transnational Corporation Plc (Transcorp), has reported a new acquisition of 1.999 billion shares by HH Capital Limited.

The acting company secretary, Transcorp, ‘Funmi Olofintuyi said this in a statement sent to the the Nigerian Exchange Limited (NGX). It disclosed that HH Capital Limited acquired 1.999 billion, bringing its total stake to 11.991 billion units, representing 29.5 per cent of the company’s total shares as of April 28, 2023.

It said, “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.”

Speaking recently at the company’s annual general meeting, Mr. Tony Elumelu said “notwithstanding the difficult macroeconomic climate, the board of directors and management team remain focused on delivering on our purpose and strategy to drive long-term value creation.

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“Our strategy is matched with our mindset of positive transformation. Our priorities for 2023 are very clear: executing for today, planning for tomorrow. In the power sector, we are focused on further increasing our generation capacity, taking into consideration the limitation in the transmission and distribution capacities.

“To this end, four of our H25 generating turbines, which were strategically taken out of inventory for refurbishment during the year, will return to operation in 2023. These four turbines contribute about 100MW to our available capacity.”

“In our energy division, development studies for OPL 281 asset have been completed for the first phase of the development. The asset will be developed in phases with the first phase comprising 2 wells. Our goal remains to achieve planned production in Q4 of 2023.”

Elumelu added that in line with the Petroleum Industry Act (PIA), the process of voluntary conversion of the asset is currently ongoing and expected to conclude by Q2, 2023, saying “the PIA replaces the former Petroleum Act and overhauls the previous regulation and governance of the oil and gas industry as it impacts upstream, midstream, and downstream petroleum operations.”

He stated that “prior to the turnaround of the company, about 10 years ago, investors were offloading their shares at a ridiculous discount and there were hardly any buyers. For years, the shares of the Company traded flat, with no interest from the investing and general public, but today we see a different trend and a resurgence of interest, which is an affirmation and recognition of the great turnaround we have achieved.”