March 6 (Lagos) - The listing of Transcorp Power Plc ( TRANSPOWER ) by introduction on the stock exchange on March 4 2024 lifted the index higher and also helped turn the sentiment around among investors who have shown interest in gobbling up the shares of the Company and also its parent Company
TRANSCORP which holds a significant interest in the new listed company.
According to the 2022 audited financial result of Transcorp power, its parent
TRANSCORP holds a 51% stake in the Company through 40.9 million shares. Today however there are 7.5 billion shares outstanding for Transcorp power and it is not clear what is the holding of its parent whether it is still 51% or has it gone up or down.
Another major holder is Richpoint limited held 24.2 million shares representing a stake of over 30% as per the 2022 audited result. This entity has recently sold 73 million units on the exchange for the purpose of listing by introduction. So we can safely assume that hundreds of million of new shares were created or issued in 2023 before the company was introduced at the stock exchange.
From 80 million shares outstanding at the end of 2022 to 7.5 billion shares outstanding in March 2024, Company has created or issued almost 10 times its shares.
Share of TRANSPOWER were up by 10% at N 319.40 per unit at the time of writing this article.
reporting for easykobo.com on Wednesday, March 6 2024 from Lagos, Nigeria