Transcorp Corporation Plc (Transcorp) on Thursday confirmed that billionaire Femi Otedola bought 2,245,639,251 units of the shares of the group, which amounts to a 5.52 per cent stake.
Company secretary Funmi Olofintuyi, in a notice with the NGX, said Transcorp welcomes the investment.
“As noted in our previous communication, the Company welcomes this expression of confidence in its leadership and management as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.
“Rest assured of our commitment to remain resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, our transformation agenda and our ability to contribute positively towards building prosperity for all,” the notice read.
The 2022 financial report of Transcorp revealed that as of December 31, 2022, only UBA Nominees Limited-Trading, held five per cent or more of the issued and fully paid shares of 50 Kobo of the company.
Also, Tony Elumelu, chairman of the group, directly holds 273,104,04 units of shares while 293,983,193 shares are held indirectly through HH Capital Limited and 273,545,722 shares are held indirectly through Heirs Holdings Limited.
UBA Nominees Limited has UBA Trustees Limited, Emmanuel Nnorom and three others as directors and it is controlled by UBA Group, which has Elumelu as its chairman.
At the end of trading on Thursday, Transcorp shares closed at N2.45, representing a 9.87 per cent appreciation from Wednesday’s closing price of N2.23.
Last year, Otedola acquired significant control of FBN Holdings when he announced he had acquired stakes above the five per cent threshold.