Transcorp Power lists N1.8trn shares at N240/share On NGX

Transcorp Power has listed its 7.5 billion ordinary shares of 50 kobo each at N240 per share by introduction on Nigerian Exchange Limited (NGX).

According to a statement issued by the company, the power firm will take market stakeholders through its Facts Behind the Listing, after performing the Closing Gong Ceremony of the NGX.

The company will provide stockbrokers, investors, analysts, fund managers and capital market correspondents with market information about its financial performance.

Transcorp Plc, in September 2012, during the privatisation of Nigeria’s national power assets, won the bid for the Federal Government of Nigeria’s distressed power generating company, Ughelli Power Plc – operator of Ughelli Power Plant.

The $300 million investment was part of strategic investor Heirs Holdings’ commitment to USAID’s Power Africa initiative. In November 2015, Transcorp Ughelli Power Limited and Ughelli Power Plc merged, and Transcorp Power Limited was born. The merger harmonised the management and operations of Transcorp’s power business for greater efficiency.

When Transcorp took ownership of the 1000 MW capacity plant in 2013, its mission was to take it from generating only 160 MW of power daily, back to producing at its full 972 MW installed capacity.

Currently, Transcorp Power has increased its generating capacity by 525 percent and plans to grow it to over 3,000MW in the next five years. The electricity produced by Transcorp Power is transported through a network of conductors, to the national grid.

Transcorp Power Plc is a subsidiary of Transcorp Plc, a company also listed on the stock exchange in Nigeria.

The power firm came into existence from the merger of Transcorp Ughelli Power Limited and Ughelli Power Plc.