Heirs holdings the major shareholder in Transnational Corporation of Nigeria Plc will list the energy business Transcorp Power on the Nigeria Exchange (NGX) on Monday March 4th at a N1.8 trillion valuation.
Investment banking sources close to the deal told MoneyCentral that a higher valuation close to N3.8 trillion was sought by Heirs Holdings which was rejected by Nigeria’s Security and Exchange Commission (SEC).
In 2010, following Heirs Holdings Chairman Tony Elumelu’s retirement as the CEO of UBA, and in looking for new opportunities and ventures, the Heirs Holdings Group, his family’s investment firm acquired Transcorp Plc.
Transcorp plays in the hospitality and power sectors both in generation and distribution.
In Power, Transcorp acquired the 972MW gas-fired Ughelli Power Plant and ramped up its generations from 160MW to 701MW within four years of taking over the plant.
Ughelli Power Plant is the first privatized power company to be discharged from post- privatization monitoring having surpassed all set targets by the BPE and the National Council on Privatisation.
In distribution, Transcorp owns a majority stake (60%) in Abuja Disco.
Transcorp power subsidiary or segment that makes up 77.98 percent of Transcorp Group’s sales generated revenue of N151.25 billion in 2023, which is 46.48 percent higher than 2022’s N103.27 billion.
The power subsidiaries of Transcorp that include Transcorp Power Limited (TPL) and Transafam Power are well positioned to exploit available opportunities for growth.
Specifically, TPL holds a significant position as one of Nigeria’s foremost electricity generation companies, and it proudly possesses ownership of the esteemed Ughelli Power Plant.
The Group has been investing in the power sector for 10 years, with its first investment in the Ughelli Power Plant through TPL.
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