Transnational Corporation Plc (Transcorp Group) has announced the listing of its subsidiary, Transcorp Power Plc (Transcorp Power or TP Plc) through listing by introduction on the Main Board of the Nigerian Exchange (NGX).
Gatekeepers News reports the announcement was made on Monday in a statement released by Stanley Chikwendu, the Group Company Secretary.
According to the statement, there will be a “Facts Behind the Listing” event at NGX Group House by 2:45 P.M where the Management of TP Plc, led by the Chief Executive Officer, Peter Ikenga, will provide information to Trading License Holders, Analysts, Press, and Investors about the listing and the Company.
With this listing, Transcorp Group will have two subsidiaries listed on NGX, thereby demonstrating its commitment to creating value for the Nigerian public and catalyzing economic growth in Nigeria.
Transcorp Group will also maintain a significant hold in Transcorp Power Plc. Transcorp Power Plc operates the Ughelli Power Plant in Delta State, with an installed capacity of 972MW.
The plant had an available capacity of 160MW at the time of acquisition. However, Transcorp Power invested and increased the available capacity to 680.83MW (a 227% increase) within four years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.
It is worth noting that Transcorp Power Plc is a West African Power Pool member and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market.
About Transcorp Group
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% of Nigeria’s installed power capacity. Transcorp Group is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL287.
The Group’s listed hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.
