Transcorp reduces total shares by 75% to N10.2bn
Transnational Corporation Plc (Transcorp Group) has successfully completed a significant share capital restructuring, reducing its total issued shares by 75%, from 40.6 billion to 10.2 billion.This consolidation, announced by the Group's President, Owen Omogiafo, on Monday, aims to increase long-term shareholder value while preserving the total value of their investments.
The share reduction was accomplished by consolidating shares on a 1-for-4 basis, a strategy designed to streamline the company's capital structure.
Omogiafo explained that this move is consistent with Transcorp's corporate strategy, which prioritizes growth and long-term shareholder returns.
"This share reconstruction is a key part of our growth plan and reflects our commitment to maximizing shareholder value," Omogiafo told reporters. He stated that the restructuring would also make Transcorp's capital structure more efficient and manageable.
Omogiafo emphasized Transcorp's commitment to driving growth and creating value, citing energy subsidiaries Transcorp Power Plc and Transafam Power Limited, which account for more than 20% of Nigeria's installed power capacity.
He stated that the Group's investment strategy is to expand the domestic energy value chain and advance renewable energy initiatives.
Transcorp is now well-positioned for future growth, with a focus on preserving shareholder value while aligning with business objectives.
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