Transcorp pledges shareholder enhancement
Transnational Corporation of Nigeria Plc has assured investors that the company has embarked on strategic plans that would help boost its share price in the stock market and increase shareholders’ value.
President and Chief Executive Officer of the company, Mr. Emmanuel Nnorom stated this last week in Lagos that the company has commenced renovation work that would change the ‘face’ of Transcorp Hilton Hotel Abuja which he believe it would transform the company bottom line.
Nnorom explained that the company would also embark on a groundbreaking ceremony of the Transcorp Hotel in Port Harcourt.
He said Teragro which is one of its subsidiaries that produces high quality juice concentrate is currently attracting high level of patronage in the Nigerian market.
“Transcorp agribusiness subsidiary Teragro Commodities Limited processes orange, mango and pineapple concentrates for industrial markets at a processing plant in Benue State.”
On the merger
between Transcorp Ugeli Power Limited and Ugheli Power Plc, Nnorom, who assured that the company has completed arrangement to ensure that it generates 850 megawatts by the end of the year said: “It is something the board of the subsidiaries agreed that it is necessary because we observed that we have some duplication function.
“The same board for Transcorp Ugheli Power Limited and Ugheli Power Plc but I want to say that it does not affect our power generation capacity. The out put is still improving and we would continue to generate and reach our goal of 850 megawatts by the end of the year.”
He continued, “We want more gas for our operations. The stability we experience this year is helping us to be able to project the level of power to transmit to the network. There have been some rejections of power produced by the distribution companies but the recent directive by NEC has made it easier for us because as we generate the power, the distribution company must be there to take all the power.
“In the past, the end users complain that they don’t have enough power, not because we have not generated but because of some bottlenecks in the transmission level and also at the point of distribution but it has been resolved now and with what is going on and increasing capacity generation witnessed by all the power companies including our own, and the fact that the transmission network is becoming more stable, then the end users would have more power available that would translate to more economic benefit for all.”