Transcorp Power to list on NGX today

Transnational Corporation Plc has announced the listing of its subsidiary, Transcorp Power Plc, via listing by introduction on the Main Board of the Nigerian Exchange, on Monday, March 4, 2024.

The parent company said in a statement, “There will be a ‘Facts Behind the Listing’ at NGX Group House at 2:45 p.m., where the management of TP Plc, led by the Chief Executive Officer, Peter Ikenga, will provide information to trading license holders, analysts, the press, and investors about the listing and the company.”

With this development, Transcorp Power, overseen by the Chairman of the Group, Tony Elumelu, joins Femi Otedola’s Geregu Power Plc as the two listed power companies on the NGX.

The most valuable power company, based on market capitalisation, is Geregu Power, boasting a market cap of N2.4tn.

The PUNCH gathered that Transcorp Power will boast an expected valuation of N1.8tn, positioning it as the second most valuable power company on the exchange, automatically qualifying it to join the SWOOTs (stocks worth over one trillion naira).

Transcorp Power operates the Ughelli Power Plant in Delta State, with an installed capacity of 972 MW. At the time of acquisition, the plant had an available capacity of 160 MW.

It was also disclosed to have invested and increased the available capacity to 680.83 MW (a 227 per cent increase) within four years of acquisition, surpassing the 5-year target of 670 MW set by the Bureau of Public Enterprises.

The firm is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market.

Last year August, Transcorp Power acquired a 60 per cent stake in Abuja Electricity Distribution Company.

Billionaire businessman, Elumelu, is the largest shareholder of the company.

Source: PUNCH

Image: Daily Trust