Transcorp Power has announced that it will list on Nigerian Exchange Limited (NGX) its 7.5billion ordinary shares of 50 kobo each at N240 per share on Monday.
The company announced that it will provide stockbrokers, investors, analysts, fund managers and capital market correspondents with market information about its financial performance.
Recall that Transcorp Plc in September 2012, during the privatisation of Nigeria’s national power assets, won the bid for the Federal Government of Nigeria’s distressed power generating company, Ughelli Power Plc – operator of Ughelli Power Plant.
The $300 million investment was part of strategic investor Heirs Holdings’ commitment to USAID’s Power Africa initiative.
In November 2015, Transcorp Ughelli Power Limited and Ughelli Power Plc merged, and Transcorp Power Limited came onboard. Subsequently, the merger saw the integration of management and operations of Transcorp’s power.
When Transcorp took ownership of the 1,000MW capacity plant in 2013, its aim was generating only 160MW of power daily, however, it is now producing at its full 972MW installed capacity.
Presently, Transcorp Power has increased its generating capacity by 525 percent, and plans to grow it to over 3,000MW in the next five years.