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The Group Chairman of Transnational Corporation Plc (Transcorp), Tony O. Elumelu, CFR, says he welcomes the recent investment in the firm by Billionaire investor Femi Otedola.
Elumelu said there has been market appreciation in the shares of the company as a result of the buy interest, adding that it’s a validation of the story, vision, management and leadership of Transcorp.
“Femi Otedola is a very good friend and a man I admire and respect. I welcome Otedola’s investment in Transcorp and I look forward to working with him to take Transcorp to greater heights,” Elumelu said in an interview on Arise TV.
“That is what we want. People get sentimental and emotional most times for no reason. Abroad or even in Nigeria, we go on international road shows. We go talk to investors and say come and invest in our companies.”
Over the weekend news broke that the chair of Lagos-listed Geregu Power Plc, Femi Otedola, had upped his interest in the conglomerate Transnational Corporation Plc (Transcorp) to 6.3 per cent, two separate notifications seen by MoneyCentral show.
Transcorp shares were up again by 9.67% on Wednesday, to close trading at N2.95 per share, bringing year to date returns to a staggering 161%.
A total of 1.1 billion shares were traded valued at N3.3 billion.
Elumelu added that he was happy to see an indigenous active investor community in Nigeria.
“I am happy to see Femi investing locally and he should be commended for that. I also welcome his investment in Transcorp, because, the more people show interest in the activities and performance of the company, the more people invest in the company, the better for shareholders.
“You want to make your stock investors toast and I am happy that Transcorp is becoming an investors toast. Remember that over 10 years ago before we took over Transcorp, people had lost confidence in the company. Today under our leadership, Transcorp has consistently paid dividends for 5-years in a row now. It had never happened in the company before.”