Transnational Corporation Plc has announced the successful completion of its share capital reconstruction, reducing its total issued shares by 75 per cent from N40.6bn to N10.2bn.
The President of the group, Owen Omogiafo, disclosed this in a statement on Monday.
Omogiafo noted that this strategic move is designed to maximize long-term shareholder value while maintaining the total value of shareholders’ investments unchanged.
The share reconstruction involved consolidating shares at a ratio of 1 to 4, effectively streamlining the company’s capital structure.
“This share reconstruction is in line with the Company’s corporate strategy and growth plan and is aimed at maximizing shareholder value,” Omogiafo said.
He added that the action will “bring the company’s capital structure to a manageable position.”
Omogiafo added that Transcorp’s initiative reflects its commitment to enhancing shareholder value through strategic actions that align with its business objectives.
Omogiafo emphasised that, “Transcorp Plc remains committed to driving growth and creating value for its shareholders.”
He said Transcorp Power Plc and Transafam Power Limited contribute over 20 per cent of Nigeria’s installed power capacity.
He added that Tlthe Group’s investment strategy is centred on developing Nigeria’s domestic energy value chain and expanding its renewable energy initiatives.
With the completion of this share reconstruction, Transcorp aims to position itself for future growth while ensuring that existing shareholders retain their value in the company.
-By Daniel Adaji