Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), gained 10% on the first day of trading on the Nigerian Exchange (NGX), to close at N264 per share, up from the listing price of N240 per share.
The company listed its shares via introduction on the main board of the NGX, adding more than N1.8 trillion to the market capitalisation of NGX and further boosting liquidity in the Nigerian capital market. The listing was celebrated on March 4, 2024, with a closing gong ceremony and a “facts behind the listing” presentation.
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”.
The company said the listing which comes on the 10th anniversary of Transcorp Power’s founding, demonstrates its 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).
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% increase) within four years of acquisition, surpassing the five-year target of 670MW set by the Bureau of Public Enterprises.
Transcorp Power’s managing director/CEO Peter Ikenga stated, “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.”
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He highlighted the commitment of the Transcorp Power team and his excitement about the opportunities ahead, as the company continues to drive excellence in the power sector.
“To our shareholders and partners, thank you for being part of our journey to illuminate Nigeria’s future,” Mr Ikenga added.
Transcorp Group chairman Tony Elumelu stated that the listing marks a historic moment for Transcorp Power Plc.
“This milestone reflects Transcorp’s commitment to catalysing economic growth and prosperity. We invest in strategic sectors within the economy, transform, expand businesses, and consciously seek ways to share value. Our track record is evident with Transcorp Hotels Plc and now Transcorp Power Plc. We are focused on improving access to electricity for all, creating lasting value for our shareholders and contributing to our nation’s development,” said Mr Elumelu.
Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS regional market.
