Transcorp Power Plc (Transcorp Power or TP Plc), a key player in Nigeria’s energy sector, recently marked a significant milestone in its corporate journey after being listed on the Nigerian Exchange Limited (NGX).
Gatekeepers News reports that Transcorp Power debuted with a market capitalisation of N1.8 trillion, with the company introducing 7.5 billion ordinary shares, each priced at N240.00. At the close of trading on Monday the share price rose to N264/share.
Before this listing, the company was a subsidiary under the main Transcorp Group which also included Transcorp Hotels Plc (which is listed).
According to the chairman of the Group, Tony Elumelu, the listing of Transcorp Power is aimed at ensuring that the company is fairly priced.
See the primary shareholders of Transcorp Power below:
- Transnational Corporation Plc (TRANSCORP): Standing at the forefront, TRANSCORP holds a dominant 51.57% of the total shares, which translates to approximately 3.87 billion shares. This majority stake confirms TRANSCORP’s significant influence over the company, positioning it as the primary parent company. Shareholders of Transcorp therefore have indirect ownership of Transcorp Power. For example, if you own 1000 units of Transcorp Power, then you indirectly lay claim to 516 units of Transcorp Power.
- RichPoint Limited: As the second-largest shareholder, RichPoint Limited commands a notable 33.27% ownership, reinforcing its substantial stake and involvement in the company’s affairs.
- Woodrock Energy Resources Limited: Further down the hierarchy, Woodrock Energy Resources Limited holds 7.46% of the shares. This stake, while smaller, still represents a meaningful investment in the company’s future. Notably, Woodrock Energy Resources Limited holds a 7% interest, with a unique twist: the Asset Management Corporation of Nigeria (AMCON) indirectly owns 2.9% of Transcorp Power Plc through its 12.5% ownership in Woodrock Energy Resources Limited.
- Seaforce Investments Limited: With 3.60% of the total shares, Seaforce Investments Limited stands as a noteworthy investor, contributing to the diverse shareholder mix.
- Thomassen Holding Limited: Holding 2.57% of the shares, Thomassen Holding Limited adds to the array of key shareholders, albeit with a smaller portion of the total shareholding.
Minor Shareholders: The balance of ownership, amounting to a mere 0.20%, is dispersed among 7 shareholders, each holding less than 1% of the total shares.
This segment represents the broad base of minor stakeholders who, despite their smaller individual shares, collectively contribute to the company’s shareholder diversity.
