Transcorp Power Plc, a key player in Nigeria’s energy sector, recently marked a significant milestone in its corporate journey with its listing on the Nigerian Exchange Limited (NGX).
Debuting with a market capitalization of N1.8 trillion, the company introduced 7.5 billion ordinary shares, each priced at N240.00. At the close of trading on Monday the share price rose to N264/share.
Before this listing, the company was a subsidiary under the main Transcorp Group which also included Transcorp Hotels Plc (which is listed).
According to the chairman of the Group, Tony Elumelu, the listing of Transcorp Power is aimed at ensuring that the company is fairly priced having been undervalued under the main Holdco Transcorp Group.
Shareholders of Transcorp Power
Now that Transcorp Power has been listed, investors may want to know who the new shareholders are.
As of December 31, 2023, a detailed analysis of the company’s register of members provides an insightful glimpse into its shareholding structure, revealing a total of 7.5 billion outstanding shares.
This overview not only sheds light on the distribution of ownership but also highlights the key stakeholders steering the company’s financial and strategic direction.
Here’s a breakdown of the primary shareholders;
Transnational Corporation Plc (TRANSCORP): Standing at the forefront, TRANSCORP holds a dominant 51.57% of the total shares, which translates to approximately 3.87 billion shares.
This majority stake confirms TRANSCORP’s significant influence over the company, positioning it as the primary parent company.
Shareholders of Transcorp therefore have indirect ownership of Transcorp Power. For example, if you own 1000 units of Transcorp Power, then you indirectly lay claim to 516 units of Transcorp Power.
RichPoint Limited: As the second-largest shareholder, RichPoint Limited commands a notable 33.27% ownership, reinforcing its substantial stake and involvement in the company’s affairs.
Woodrock Energy Resources Limited: Further down the hierarchy, Woodrock Energy Resources Limited holds 7.46% of the shares.
This stake, while smaller, still represents a meaningful investment in the company’s future.
Notably, Woodrock Energy Resources Limited holds a 7% interest, with a unique twist: the Asset Management Corporation of Nigeria (AMCON) indirectly owns 2.9% of Transcorp Power Plc through its 12.5% ownership in Woodrock Energy Resources Limited.
Seaforce Investments Limited: With 3.60% of the total shares, Seaforce Investments Limited stands as a noteworthy investor, contributing to the diverse shareholder mix.
Thomassen Holding Limited: Holding 2.57% of the shares, Thomassen Holding Limited adds to the array of key shareholders, albeit with a smaller portion of the total shareholding.
Minor Shareholders: The balance of ownership, amounting to a mere 0.20%, is dispersed among 7 shareholders, each holding less than 1% of the total shares.
This segment represents the broad base of minor stakeholders who, despite their smaller individual shares, collectively contribute to the company’s shareholder diversity.
Discussion about this post