The Guardian (Nigeria)

Transcorp Power lists 7.5 billion shares on NGX, records 10% gain

- By Helen Oji

THE market capitalisa­tion of the Nigerian Exchange Limited ( NGX) swelled yesterday with the listing of Transcorp Power Plc ( TPP) 7.5 billion ordinary shares of 50 kobo on the Main Board.

With the listing by way of the introducti­on of TPP, a subsidiary of Transnatio­nal Corporatio­n Plc ( Transcorp) at N240 per share and 7.5 billion shares outstandin­g, TPP’S market capitalisa­tion at listing stood at N1.8 trillion.

However, on its first day of trading, the power- generating company gained a whooping N180 billion, representi­ng a 10 per cent increase which raised its valuation to N1.98 trillion, a demonstrat­ion of investors’ confidence in the stock.

Besides, the second power company listed on the stock exchange after Geregu Power Plc, is targeting a revenue of over N500 billion by the year 2031.

Addressing stockbroke­rs at the Facts Behind The Listing, shortly after the bell- ringing ceremony, in Lagos yesterday, the company's Chairman, Emmanuel Nnorom, said the listing was a strategic move by the company to provide a platform for new investors to benefit from the company’s wealth creation exercise, diversify existing shareholde­r base while positionin­g the

company pool of to capit access al raising a larger options going forward. According to him, the company was tar geting annual revenue of over N500 billion by 2031 in line with its longterm strategy and objective. “We aim to achieve this by diversifyi­ng our energ y mix, making additional in vestments in the renewable energy space. Intensify our efforts around capacity recover y and further expansion within our plants. “Additional­ly, we are going to deepen our footprint not just within Nigeria, but across West Africa while growing our market share.” He said these would be achieved by leveraging the

company’s strong corporate governance and sustainabi­lity framework and partnershi­p with key stakeholde­rs. He added that TPP has demonstrat­ed financial track a record, strong impressive­ly raking up Revenues from N55.9 billion to N142.2 billion in five years ( 2019 – 2023) primarily driven by a surge in energy delivery and capacity charge, coupled with our strategic expansiona­ry moves. TPP operates the Ughelli Power Plant in Delta State, with an installed capacity of 972 Megawatts ( MW). Upon acquisitio­n, the plant boasted an available capacity of 160MW.

Newspapers in English

Newspapers from Nigeria