Transcorp Power is set to be listed on the Nigerian Exchange Group (NGX) today
Transnational Corporation Plc has officially declared the listing of its subsidiary, Transcorp Power Plc, through a listing by introduction on the Main Board of the Nigerian Exchange. This event is scheduled for Monday, March 4, 2024.
In a statement, the parent company announced, "There will be a 'Facts Behind the Listing' session at NGX Group House at 2:45 p.m. The management of TP Plc, led by CEO Peter Ikenga, will share information about the listing and the company with trading license holders, analysts, the press, and investors."
With this development, Transcorp Power, under the leadership of Group Chairman Tony Elumelu, joins Geregu Power Plc, chaired by Femi Otedola, as the two listed power companies on the NGX. Notably, Geregu Power holds the position of the most valuable power company in terms of market capitalization, standing at N2.4tn.
Transcorp Power is anticipated to achieve a valuation of N1.8tn, making it the second most valuable power company on the exchange. This automatically qualifies it for inclusion among the SWOOTs (stocks worth over one trillion naira).
Transcorp Power manages the Ughelli Power Plant in Delta State, boasting an installed capacity of 972 MW. Upon acquisition, the plant initially had an available capacity of 160 MW.
It has been revealed that Transcorp Power invested in and successfully elevated the available capacity to 680.83 MW, marking an impressive 227 percent increase within four years of acquisition. This achievement surpasses the 5-year target of 670 MW set by the Bureau of Public Enterprises.
The company is a member of the West African Power Pool and actively participates in the ECOWAS Regional Electricity Market.
In August of last year, Transcorp Power secured a 60 per cent stake in the Abuja Electricity Distribution Company.
The prominent shareholder of the company is billionaire businessman Elumelu, holding the largest stake.
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