What Otedola Told Transcorp Directors After Acquiring Highest Shares
Femi Otedola, the Chairman of Geregu Power Plc has said that he is willing to work with the board of Transnational Corporation Plc days after acquiring the highest individual share in the company.
Otedola said this on Monday in a tweet seen by THE WHISTLER.
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“Following this acquisition, I look forward to working with the board and management of Transcorp to realise the amazing future potential of the corporation,” Otedola said.
Transcorp announced the acquisition of its shares by Otedola as of April 19, 2023, making the billionaire the second-highest shareholder after UBA Nominees Limited.
According to Transcorp, the billionaire acquired 2,245,639,251 or 5.52 per cent of the company’s entire shares.
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“As noted in our previous communication, the Company welcomes this expression of confidence in its leadership and management as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.
“Rest assured of our commitment to remain resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, our transformation agenda and our ability to contribute positively towards building prosperity for all,” Transcorp said.
According to Transcorp books, Tony Elumelu, Transcorp Chairman holds 293,983,193 shares indirectly through HH Capital Limited and 273,545,722 shares held indirectly through Heirs Holdings Limited.
Also, Elumelu holds 11,653,487 shares indirectly through Vine Foods Limited.
As of 31 December 2022, only UBA Nominees Limited-Trading, held 5 per cent or more of the issued and fully paid shares.
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UBA Nominees holds 3,760,000 or 9.25 per cent shares in Transcorp.
