Transcorp Reduces Share Capital By N2.18bn, Cancels 4.35 Billion Ordinary Shares

Transnational Corporation of Nigeria Plc is adopting a new name, as a rebranding measure. The company is also shedding its share capitalization from N22.5bn to N20.32bn.

The rebranding move was disclosed on Monday as contained in the resolution passed by the members of the company at the annual general meeting, obtained by THE WHISTLER.

The meeting which was held on April 21, also approved the re-election of the company’s chairman, Tony Elumelu as a non-Executive Director.

Foluke Abdulrazaq, the Vice Chairman was also re-elected at the AGM as the non– executive director.

Transcorp had in 2021 increased profit to N23.8bn up from the N3.7bn recorded in 2020 when the pandemic disrupted the hospitality industry.

“That the name of the Company be and is hereby changed from “Transnational Corporation of Nigeria Plc” to “Transnational Corporation Plc,” the company said as it rebrands.

Transcorp said its authorised share capital “be and is hereby reduced from N22,500,000,000 (Twenty Two Billion, Five Hundred Million Naira) divided into 45,000,000,000 ordinary shares of 50k each to N20,323,995,146.50 (Twenty Billion, Three Hundred and Twenty Three Million, Nine Hundred and Ninety Five Thousand, One Hundred and Forty-Six Naira Fifty Kobo) divided into 40,647,990,293 ordinary shares of 50k each by cancelling 4,352,009,707 ordinary shares of 50k each, which have not been issued.”

The company said Clause 6 of the Memorandum of Association of the Company has been amended and substituted.

“The Share Capital of the Company is N20,323,995,146.50 (Twenty Billion, Three Hundred and Twenty-Three Million, Nine Hundred and Ninety-Five Thousand, One Hundred and Forty-Six Naira, Fifty Kobo) divided into 40,647,990,293 Ordinary shares of 50k each with power to divide the shares in the capital for the time being whether original or increased into several classes,” the company quoted as the amendment.