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Insiders and major shareholders of Transcorp Power Plc that listed its shares on the Nigeria Exchange Limited by introduction on Monday pocketed a total of N37.97 billion, after selling 132.79 million shares.
RichPoint Limited a significant shareholder with 33.3% ownership stake in Transcorp Power sold 89.06 million shares on March 05 and March 06, at N290.4 per share and N319.4 per share for total proceeds of N26.32 billion, with reason for the sale said to be “to provide liquidity for the Listing by Introduction.”
Other insiders that benefited from the listing include, Emmanuel Nnorom, Board Chairman with 0.2% ownership who sold 195,006 shares at N319.4 on March 06, to pocket N62.284 million, HH Capital Limited (0.7% stake), which sold 560,643 shares at N290.4 on March 05 and pocketed N162.8 million, and the Tony Elumelu controlled Transnational Corporation of Nigeria which owns 51.6% of Transcorp Power which sold 42.972 million shares at N264 and N290.4 per share between March 04 and March 05, pocketing N11.423 billion as proceeds from the sales.
Transcorp Power shares are up 33.08% since listing.
The company currently accounts for 7.0 percent of Nigeria’s installed grid capacity but generates 10.0 percent of the country’s power needs, with its leadership position in the West African Power Pool (WAPP) and planned strategic alliances with DISCOs, eligible customers, and state governments leaving legroom for output growth in the near term.
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