Elumelu Overtakes Otedola, Controls 25.58% Transcorp Stake
To maintain his control of Transnational Corporation plc (Transcorp), Tony Elumelu has acquired additional 9,697,189,979 shares through HH Capital Limited.
With this new acquisition, HH Capital Limited, which is owned by Elumelu, now holds 9,991,173,177 units, representing 25.58% of the company’s shares, according to the filing made by Transcorp to the Nigerian Exchange Group (NGX), disclosed in a statement signed by the acting Company Secretary, Funmi Olofintuyi.
Transcorp, in a notification of share dealing by insiders, informed NGX that Elumelu through HH Capital acquired 1,843,008,604 shares at N1.85; 6,552, 167,522 at N2.45; 16,738,209 at N2.69; 1,039,399,057 at N2.95 and 245,876,592 at various prices between April 19 and 25.
These new shares acquisition by Elumelu is coming days after Daily Trust reported that business mogul, Femi Otedola spent over N6 billion within two weeks to acquire 2.6bn shares (6.3%) in Transcorp, making him the largest individual shareholder of the group as no other shareholder holds above 5%. Only UBA Nominees own about 9.25% of the company as of December 2022.
The audited result and accounts of Transcorp for period ended December 31, 2022, revealed that Elumelu, who chairs Transcorp, holds 273.1 million shares directly in the company, 274 million indirectly through Heirs Holdings Limited and 294 million shares indirectly through HH Capital Limited.
Transcorp is a publicly quoted conglomerate, with a diversified shareholder base of about 300,000 and strategic investments in the power, hospitality, agribusiness and oil and gas sectors.
Its portfolio includes Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power Ltd, Trans-Afam Power Ltd, Transcorp Energy and a digital hospitality platform, Aura by Transcorp Hotels.