Transcorp Power Plc, a subsidiary of Transnational Corporation Plc, listed about 7.5 billion ordinary shares of 50 kobo on the main board of the Nigerian Exchange Limited.
The companyâs share price instantly rose 10% after the listing, adding N180 billion to its N1.8 trillion capitalisation.
The company began listing at N240 per share and later rose to N264 at the end of trading.
BusinessDay quotes the Chairman of Transcorp Power, Emmanuel Nnorom, as saying that the listing was a strategic move by the firm to provide a platform for new investors to be admitted and diversify the existing shareholder base while positioning the company for access to a larger pool of capital raising options.
He spoke after the closing gong at NGX, stating that the power company was targeting an annual revenue of N500 billion by 2031 in line with its long-term plans and objectives.
Nnorom said.
Per the Transcorp Power chairman, the company has shown a solid financial track record by raising revenues, rising from N55.9 billion to N142.2 billion in five years.
He said a surge in energy delivery, capacity charge, and expansion moves drives the company’s passion.
The company operates the Ughelli Power Plant in Delta State, with an installed capacity of 972 MW.
Previously, TimesNow.com.ng reported that Transnational Corporation of Nigeria (Transcorp) experienced a significant two-fold increase in net profit, reaching N34.1 billion during the 2023 fiscal year.
This was contained in the company’s unaudited condensed consolidated and separate financial statements for the period ending on December 31, 2023.
The report, submitted to the Nigerian Exchange Group, highlighted the doubling of annual profits attributed to a notable rise in energy income.
Source: TimesNow.com.ng
