Equity: Transcorp, Rich Point, HH Capital rake in billions from Transcorp Power shares salesmarket rallies by 0.35% as investors buy Transcorp Power, others

…stock price hits N319.4/share on Wednesday

Selling their stock holding in the recently listed Transcorp Power Plc has allowed the company’s primary owners to amass billions of naira in profit.

The following shareholdings made up the firm prior to its listing: Woodrock Energy Resources Limited (7.4%), Rich Point Limited (33.3%), Transcorp Plc (51.6%), and Others (7.7%).

Transcorp Power Plc increased the value of the Nigerian equity market by approximately N1.8 trillion when it introduced its 7.5 billion shares at a price of N240 each.

Transcorp Power’s equity valuation jumped by almost N595 billion in just three trading days, from N1.8 trillion upon listing to N2.395 trillion. The utilities sector (sub-sector: Electric Power Generation) was where the corporation was listed.

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In early trading on Wednesday, investors continued interest in Transcorp Power pushed its share price to N319.4, from preceding day’s N290.4, reaching maximum 10percent daily rise. The stock continues to drive the market’s positive close since its listing.

At the Nigerian Exchange Limited (NGX), notifications of share dealing by an insider show that on March 5, Rich Point Limited, one of the majority shareholders sold 73,052,664 shares of Transcorp Power at N290.40 per share.

On March 4 and March 5, Transnational Corporation, a majority shareholder and parent company of the newly listed Transcorp Power sold 40 million units at N264 per share and 2,972,933 units at N290.40 per share respectively.

Also on March 5, HH Capital Limited sold 560,643 units of Transcorp Power at N290.40 per share. HH Capital Limited, is a Company founded by Tony Elumelu, the Board Chairman of UBA Plc.