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 (Special Purpose Vehicle) owned by billionaire investor Tony Elumelu and appears to be an acronym for Heirs Holdings Capital.
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 which was released recently on the NGX ‘s website, It said “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 per cent of the company’s total shares.
The statement said, “With this new acquisition, HH Capital Limited now holds a total of 9, 991,173,177 units, representing 25.58 per cent of the Company’s total shares. As noted in our previous communication, the company welcomes the continued expression of confidence in its leadership and management by the investing public, as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.
Rest assured, we are committed to remaining resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, transforming Africa, and contributing positively towards building prosperity for all”.
It will be recalled that the company’s trade volumes of about 5 billion units exchanged hands in yet another off-market trade at the same price of N2.45 per share.
Daily Sun analysis can state that over 10 billion units of the shares have traded since Femi Otedola announced the acquisition.
Transcorp Plc also stated that purchases of 16,738,209 units at N2.69, 1,039,399,057 units at N2.95, and 245,876,592 at various prices all totaling 9,697,189,979 were part of the transactions consummated between April 19 to April 25, 2023.
This meant that there was a jostle for shares in Transcorp since the acquisition by Oil magnate and businessman, Otedola was announced.
It is however unclear if UBA Nominees, which was the erstwhile majority shareholder of Transcorp Plc still retains its shareholding or if part of it was crossed to HH Capital Limited.
There was some rumors that Transcorp Plc had announced Femi Otedola purchased a further 228,384,959 shares of the company adding to the 5.05 per cent he already owns.