Transnational Corporation Plc (Transcorp) has informed the Nigerian Exchange Limited (NGX) and the investing public of the acquisition of new shares by HH Capital Limited.
HH Capital is a company owned by billionaire investor Tony Elumelu and appears to be an acronym for Heirs Holdings Ltd. A public search of the company reveals the directors are Tony Elumelu, Awele Vivien Elumelu, Obinna Ufudo (former MD/CEO of Transcorp Plc), Samuel Nwanze, and Matthew Isonanjo.
According to the details of the acquisition as of April 25, 2023, HH Capital Limited acquired 9,697,189,984 units of shares, bringing their total holdings in Transcorp to 9,991,173,177 units, representing 25.58% of the Company’s total shares.
The statement by the company read in part;
- “In compliance with Chapter 17, Rule 17.13 of the NGX Issuers Rules, Transnational Corporation Plc (the Company) hereby informs the Nigerian Exchange Limited (NGX) and the investing public of the below new acquisition of shares in the Company. With this new acquisition, HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58% of the Company’s total shares.”
Nairametrics earlier reported trade volumes of about 5 billion units exchanged hands in yet another off-market trade at the same price of N2.45 per share. Nairametrics research indicates over 10 billion units of the shares have traded since Femi Otedola announced the acquisition.
This is a developing story….