JUST IN: Transcorp Power List on Nigerian Stock Exchange

Just today, there was another listing on the NGX. It was reported this afternoon that Transnational Corporation Plc (Transcorp Group) has taken the bold step to announce the listing of its subsidiary, Transcorp Power Plc (Transcorp Power or TP Plc), via listing by introduction on the Main Board of the Nigerian Exchange (NGX), starting on Monday, March 4, 2024. 

Today, the company will list 7.5 billion ordinary shares of 50 kobo each at N240 per share on the NGX.

However, the listing was launched at the NGX Group House at 2:45 pm. It's titled “Facts Behind the Listing,” here, the Management of Transcorp Power, led by the CEO, Mr Peter Ikenga, will be providing information to Trading License Holders, Press, Analysts, and potential 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 catalysing economic growth in Nigeria.  Transcorp Group will continue to maintain a significant holding in Transcorp Power Plc. 

In September 2012, Transcorp Plc won the bid for the Federal Government of Nigeria’s distressed power-generating company, Ughelli Power Plc, which was the operator of Ughelli Power Plant while privatising Nigeria’s national power assets.

The $300 million investment is reportedly 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, as reported.

Transcorp Power functions at the Ughelli Power Plant in Delta State, with an installed capacity of 972 MW.  At the time of acquisition, the plant had an available capacity of 160 MW. 

Within four years of acquisition, Transcorp Power increased and invested the available capacity to 680.83 MW, which signifies a 227% surge past the 5-year target of 670 MW that the Bureau of Public Enterprises set.

Transcorp Power Plc is a West African Power Pool member participating in the ECOWAS Regional Electricity Market.  Today, Transcorp Power supplies electricity to the ECOWAS Regional Market. 

About Transcorp Group 

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. 

Transcorp Group’s power businesses, Transcorp Power Plc and Transafam Power, provide 15% of Nigeria’s installed power capacity. Transcorp Group is committed to developing Nigeria’s domestic energy value chain through its investments in OPL287.

The Group’s listed hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.