Transnational Corporation Plc (Transcorp Group) has announced the listing of its subsidiary, Transcorp Power Plc, by introduction on the main board of the Nigerian Exchange (NGX).
This disclosure was contained in a statement released by the Transcorp Group’s Company Secretary, Stanley Chikwendu, on Monday.
According to the statement, there will be a “Facts Behind the Listing” at NGX Group House, 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.
Chikwendu further stated: “Following this listing, 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. Transcorp Group will continue to maintain a significant holding in Transcorp Power Plc.”
Transcorp Power operates the Ughelli Power Plant in Delta State, with an installed capacity of 972MW and together with Trans-Afam Power provide 15% of Nigeria’s installed IPP power capacity.
At the time of acquisition, the plant had an available capacity of 160MW. Transcorp Power invested and increased the available capacity to 680.83MW (a 227% increase) within four years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises (BPE).
Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market and is currently supplying electricity to the market.
