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Transnational Corporation Plc (Transcorp Group) has announced the listing of its subsidiary, Transcorp Power Plc via listing by introduction on the main board of the Nigerian Exchange (NGX).
This is contained in a statement released by Stanley Chikwendu, Group Company Secretary on Monday.
TheNewsGuru.com (TNG) reports Transcorp Group is one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
According to the statement, there will be a “Facts Behind the Listing” at NGX Group House, where the management of TP Plc, 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.
“Following this listing, Transcorp Group will have two subsidiaries listed on NGX, demonstrating its commitment to creating value for the Nigerian public and catalyzing economic growth in Nigeria. Transcorp Group will continue to maintain a significant holding in Transcorp Power Plc,” the statement reads.
TNG reports Transcorp Power operates the Ughelli Power Plant in Delta State, with an installed capacity of 972MW. Transcorp Group’s power businesses, Transcorp Power Plc and Transafam Power, provide 15% of Nigeria’s installed power capacity.
“At the time of acquisition, the plant had an available capacity of 160MW. Transcorp Power invested and increased the available capacity to 680.83MW (a 227% increase) within four years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.
“Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market,” the company stated.