The Chairman of Transcorp Corporation Plc, Tony Elumelu, has increased his stakes in the conglomerate by 9,697,189,979 billion via HH Capital Limited, where he is a director.
In a corporate notice filed on the Nigerian Exchange Limited on Thursday, it was revealed that HH Capital bought the shares at N1.85, N2.45, N2.69 and N2.95 in transactions that took place between April 19 and 25.
This came days after the billionaire businessman, Femi Otedola, bought stakes in the conglomerate and expressed his willingness to work with the management to tap the potential of the organisation.
With this new acquisition, HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58 per cent of the group’s total shares.
The conglomerate said, “As noted in our previous communication, the company welcomes the continued expression of confidence in its leadership and management by the investing public, as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.
“Rest assured, we are committed to remaining resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, transforming
Africa, and contributing positively towards building prosperity for all.”
In its 2022 financial report, Transcorp revealed that as of December 31, 2022, only UBA Nominees Limited-Trading, held five per cent or more of the issued and fully paid shares of 50 Kobo of the company.
Also, Elumelu, who is the chairman of the group directly holds 273,104,04 units of shares while 293,983,193 shares are held indirectly through HH Capital Limited and 273,545,722 shares are held indirectly through Heirs Holdings Limited.
UBA Nominees Limited has UBA Trustees Limited, Mr Emmanuel Nnorom and three others as directors and it is controlled by UBA Group, which has Elumelu as its chairman.
Meanwhile, the NGX had been notified that Otedola had bought additional 228,384,959 units of the shares of the group, bumping his percentage stake in Transcorp higher than 5.52 per cent earlier reported.
Speaking on Otedola’s investment in Transcorp in an interview on Arise TV, Elumelu said, “He’s my very good friend. In fact I only follow two people on Instagram, my wife and Femi Otedola, that shows the level of friendship we have.
“He’s a man I admire and we call ourselves brothers. I welcome Femi, I call him FO or Ote-Dollar. I welcome his investment in Transcorp. We go on international roadshows and talk to investors to invest in our companies. I am happy to see an active indigenous investors community.”