Transnational Corporation (Transcorp) Plc announced on Monday that Transcorp Power Plc, a subsidiary, had been listed on the Nigerian Exchange’s Main Board through listing by introduction (NGX).
“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,” the Group said in a statement signed by Stanley Chikwendu, the Company Secretary.
It stated that with this offering, Transcorp Group would have two companies listed on NGX showcasing its commitment to creating value for the Nigerian people and driving economic growth in Nigeria.
The announcement states that the Transcorp Group would keep up a sizeable stake in Transcorp Power Plc.
The Ughelli Power Plant in Delta State, which has an installed capacity of 972MW, is operated by Transcorp Power.
The facility had a 160MW available capacity at the time of purchase.
Within four years of ownership, Transcorp Power invested and expanded available capacity to 680.83MW (a 227 percent increase), exceeding the Bureau of Public Enterprises’ five-year objective of 670MW.
“Transcorp Power Plc participates in the ECOWAS Regional Electricity Market and is a member of the West African Power Pool. The ECOWAS Regional Market now receives power from Transcorp Power, according to the statement.
Driven by its purpose to improve lives and transform Africa, Transcorp Group is one of the top listed corporations in Africa, with key interests in the power, hotel, and energy sectors.
Transcorp Power Plc and Transafam Power, two of Transcorp Group’s power companies, supply 15% of Nigeria’s installed power capacity.
The Group reaffirmed its commitment to investing in OPL287 in order to boost Nigeria’s local energy value chain.