According to business filings released on Thursday, Tony Elumelu, the chair of Transnational Corporation Plc (Transcorp), recently purchased 9.7 billion additional shares in separate transactions.
The businessman defeated the two previous proprietors of the corporation who had held the top two positions.
During that time, 2.4 billion units of Transcorp shares changed hands on the open market, indicating that the majority, if not all, of Mr. Elumelu’s new shares were purchased off the market.
His aggregate ownership of the group increases as a result of the action to 10.5 billion shares, or 25.9%. According to the 2022 financial report, a breakdown showed that 273.1 million units were held directly and 273.5 million through Heirs Holdings.
The remainder were held by HH Capital.
According to Transcorp’s share price at Thursday’s market close, the businessman’s holding is worth N32.9 billion.
“With this new acquisition, HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58% of the Company’s total shares,” Transcorp said in a statement.
According to a calculation made by The Spectator using information from the Nigerian Stock Exchange, the acquisition’s regulatory filing, and Transcorp’s 2022 audited financial report, the stake held through HH Capital accounts for 24.6% of Transcorp’s total issued shares, which total 40.6 billion units.
The announcement on Thursday is the most recent development in the competition for Transcorp, whose core energy sector is the most recent attraction for investor and billionaire Femi Otedola.
A fortnight ago, information on Mr. Otedola’s initial covert acquisition of 5.5% became available to the public.
Later, he increased his stake to 6.3%, moving him into second place behind UBA Nominees, which currently holds 9.3%. The custodian division of United Bank for Africa (UBA) is known as UBA Nominees.
With his recent purchase, Mr. Elumelu now holds more than a quarter of the voting power in Transcorp, and the other two shareholders will now sit behind him among the company’s top three shareholders.
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With his recent purchase, Mr. Elumelu now holds more than a quarter of the voting power in Transcorp, and the other two shareholders will now sit behind him among the company’s top three shareholders.
He is the largest stakeholder in UBA, Nigeria’s third-largest bank by assets, holding a 6.4 percent stake valued at N17.2 billion as of Thursday’s market close.
