Elumelu’s HH Capital announces acquisition of 25.58% in Transcorp Plc.

Transnational Corporation Plc (Transcorp) has informed the Nigerian Exchange Limited (NGX) and the investing public of the acquisition of new shares by HH Capital Limited.

HH Capital is a company (Special Purpose Vehicle) owned by billionaire investor Tony Elumelu and appears to be an acronym for Heirs Holdings.

A public search of the company reveals the directors are Tony Elumelu, Awele Vivien Elumelu, Obinna Ufudo (former MD/CEO of Transcorp Plc), Samuel Nwanze, and Matthew Isonanjo.

According to the details of the acquisition as of April 25, 2023, HH Capital Limited acquired 9,697,189,984 units of shares, bringing their total holdings in Transcorp to 9,991,173,177 units, representing 25.58% of the Company’s total shares.

Read:  Amstel Malta Ultra to sponsor Team Nigeria for Olympic Games Tokyo 2020.

The statement by the company read in part;

  • “In compliance with Chapter 17, Rule 17.13 of the NGX Issuers Rules, Transnational Corporation Plc (the Company) hereby informs the Nigerian Exchange Limited (NGX) and the investing public of the below new acquisition of shares in the Company. With this new acquisition, HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58% of the Company’s total shares.”

Nairametrics earlier reported trade volumes of about 5 billion units exchanged hands in yet another off-market trade at the same price of N2.45 per share. Nairametrics research indicates over 10 billion units of the shares have traded since Femi Otedola announced the acquisition.

Read:  CBN cuts OMO, primary market auctions to N2.99trn to Maintain its MP Actions

Breakdown of HH Capital Acquisition

In a press release posted on the website of the NGX, Transcorp Plc stated that HH Capital purchased 1,843,008,604 units @ N1.85 6,552, another 167,522 units @N2.45.

  • It also stated that purchases of 16,738,209 units @ N2.69, 1,039,399,057 units  @N2.95, and 245,876,592 @various prices all totaling 9,697,189,979 were part of the transactions consummated between April 19 to April 25, 2023.
  • This corroborates Nairametrics report of a jostle for shares in Transcorp since the acquisition by Mr. Otedola was announced.
  • It is however unclear if UBA Nominees, which was the erstwhile majority shareholder of Transcorp Plc still retains its shareholding or if part of it was crossed to HH Capital Ltd.
Read:  Abbey Abimbola Bags Asia's Achievement In International Expansion Award 2022

Meanwhile, Transcorp Plc also announced Femi Otedola purchased a further 228,384,959 shares of the company adding to the 5.05% he already owns.

Related posts

FG November bonds oversubscribed by N117.15bn – DMO


NICA advocates business-friendly loans for SMEs


Build new refineries to preserve forex, ICSAN tells FG


E-payments in Nigeria hit N204.5 trillion between January and July 2022 – NIBSS.


Visa opens first innovation studio in Africa to advance future payment Solutions


Banks to commence issuance of new Naira notes today


Leave a Comment