• Tue. Apr 23rd, 2024

Transcorp Power Plc Shines on NGX With 10% First Day Gain After Listing

In a remarkable development for Nigeria’s energy sector, Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), successfully listed its shares on the Main Board of the Nigerian Exchange (NGX). The listing by introduction, celebrated on March 4, 2024, witnessed Transcorp Power contributing over N1.8 trillion to NGX’s market capitalization, marking a significant stride in the country’s capital market.

Transcorp Power demonstrated its strength on the first day of trading by gaining 10%, closing at N264 per share, surpassing the listing price of N240 per share. The positive market response reflects investor confidence in Transcorp Power’s prospects and aligns with its commitment to enhancing Nigeria’s power infrastructure.

The listing is a testament to the execution of Transcorp Group’s integrated power strategy, emphasizing the harnessing of Nigeria’s natural resources for economic development. The event coincided with the 10th anniversary of Transcorp Power’s founding, underscoring the company’s robust corporate governance, operational excellence, and value creation for stakeholders.

Transcorp Power operates the Ughelli Power Plant in Delta State, boasting an installed capacity of 972MW. Under the leadership of the Managing Director/CEO, Engr. Peter Ikenga, the company has achieved substantial growth. Upon acquisition, the plant’s available capacity was 160MW, but Transcorp Power increased it to an impressive 680.83MW within four years, exceeding the 5-year target set by the Bureau of Public Enterprises.

The Facts Behind the Listing and Closing Gong Ceremony marked a historic moment for Transcorp Power Plc. Group Chairman of Transcorp Plc, Mr. Tony Elumelu, emphasized the company’s commitment to catalyzing economic growth and prosperity. Transcorp Group strategically invests in key sectors, and the successful listing of Transcorp Power Plc aligns with its mission to create lasting value for shareholders and contribute to the nation’s development.

Managing Director/CEO, Peter Ikenga, expressed his excitement about the opportunities ahead as the company continues to drive excellence in the power sector. He acknowledged the support of shareholders and partners, thanking them for being part of Transcorp Power’s journey to illuminate Nigeria’s future.

The listing positions Transcorp Power Plc as a key player in the Nigerian energy landscape, further reinforcing its dedication to improving lives through increased access to electricity and transforming Africa’s power sector.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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