Transnational Corporation (Transcorp) Plc on Monday announced the listing of its subsidiary, Transcorp Power Plc via listing by introduction on the Main Board of the Nigerian Exchange (NGX).
The Group, in a statement signed by the Company Secretary, Stanley Chikwendu said “there will be a ‘Facts Behind the Listing’ at Nigerian Exchange, where the Management of Transcorp Power, led by the Chief Executive Officer, Mr. Peter Ikenga, will provide information to trading license holders, analysts, press and investors about the listing and the Company.”
It added that following this listing, Transcorp Group will have two subsidiaries listed on NGX demonstrating its commitment to creating value for the Nigerian public and catalyzing economic growth in Nigeria.
According to the statement, the Transcorp Group will continue to maintain a significant holding in Transcorp Power Plc.
Transcorp Power operates the Ughelli Power Plant in Delta State, with an installed capacity of 972MW.
The plant, at the time of acquisition, had an available capacity of 160MW.
“Transcorp Power invested and increased the available capacity to 680.83MW (a 227 per cent increase) within four years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.
“Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market,” the statement said.
Transcorp Group is one of Africa’s leading listed companies, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
Transcorp Group’s power businesses, Transcorp Power Plc and Transafam Power, provide 15 per cent of Nigeria’s installed power capacity.
The Group further restated its commitment to developing Nigeria’s domestic energy value chain though its investments in OPL287.
