Africa’s listed company, with strategic investments in the power, hospitality, and energy sectors, Transnational Corporation Plc (Transcorp Group) has announced the listing of its subsidiary, Transcorp Power Plc (TP Plc) via listing by introduction on the Main Board of the Nigerian Exchange (NGX), today.
Disclosing this in a press statement signed by the Group Company Secretary, Stanley Chikwendu, The company noted that there will be a “Facts Behind the Listing” at NGX Group House at 2:45pm, today(Monday) where the Management of TP Plc, led by the Chief Executive Officer, Mr. Peter Ikenga, will provide information to Trading License Holders, Analysts, Press and Investors about the listing and the Company.
According to the statement, Transcorp Group will have two subsidiaries listed on NGX, demonstrating its commitment to creating value for the Nigerian public and catalyzing economic growth in Nigeria.
The group in the statement noted that Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market, adding that Transcorp Power supplies electricity to the ECOWAS Regional Market.
“Transcorp Group will continue to maintain a significant holding in Transcorp Power Plc, ” the statement reads.
Quoting the firm’s subsidiary achievement, the statement further reads, “Transcorp Group’s power businesses, Transcorp Power Plc and Transafam Power, provide 15% of Nigeria’s installed power capacity.
“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(a227%increase)within four years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.
