Transcorp Power lists shares on NGX, adds over N1.8trn to market

Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), has listed its shares via introduction on the Main Board of the Nigerian Exchange (NGX).

Transcorp Power, with the listing, added more than N1.8 trillion to the market capitalization of NGX further boosting liquidity in the Nigerian capital market.

The company, in a statement made available to The Star on Tuesday, noted that the listing occurred on Monday, March 4, 2024.

According to the statement, the company gained 10 per cent on the first day of trading, to close at N264 per share, up from the listing price of N240 per share.

The company added: “The listing of Transcorp Power is further evidence of the execution of Transcorp Group’s integrated power strategy, ensuring Nigeria’s natural resources are harnessed for the development of the Nigerian economy and so delivering on the Group’s mission of ‘Improving Lives and Transforming Africa’.

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“The listing which comes on the 10th anniversary of Transcorp Power’s founding, demonstrates the company’s strong corporate governance, operational excellence, and value creation for stakeholders.

“This track record was earlier recognised in May 2023, when the company became the first successor power generating company in Nigeria to receive its post-privatisation discharge from the National Council on Privatisation, having met and surpassed the key performance indicators set out by the Bureau of Public Enterprises (BPE).”

Speaking on the development, Transcorp Power’s Managing Director/CEO, Peter Ikenga, said: “This is a testament to our unwavering dedication to powering Nigeria’s growth.

“We embark on this new chapter with a sense of purpose, innovation, and a commitment to continue to deliver sustainable energy solutions in Nigeria and beyond.”

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

Transcorp Power invested and increased the available capacity to 680.83MW (a 227 per cent increase) within four years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises, the company said.

The Star