The race is on for the majority shareholder and board chairman position at Transnational Corporation plc, a leading Nigerian conglomerate with investments in the hospitality, agribusiness and energy sectors. Billionaire and CEO of Heirs Holdings, Tony Elumelu, has reportedly spent 23 billion Naira to purchase more shares in Transcorp making him the majority shareholder once again.
Last week, reports broke out that billionaire businessman Femi Otedola has acquired a stake in the conglomerate, overtaking Elumelu as the majority shareholder. In response, Transcorp stocks became the most sought-after equity in the Nigerian stock market, causing them even to become scarce. Transcorp’s share price went up from N1.69 kobo to N2.45 kobo after the news broke out.
In a corporate document shared today with shareholders and the Nigerian Exchange Limited (NGX), Elumelu acquired 9.69 billion more shares through his investment company, HH Capital Limited, which previously held 293.98 million shares. Elumelu’s total investment value in Transcorp now stands at N30.28 billion as of Wednesday, while Otedola’s Transcorp portfolio is worth N6.60 billion.
Transcorp said: “With this new acquisition, HH Capital Limited now holds 9,991,173,177 units, representing 25.58% of the Company’s total shares.
“As noted in our previous communication, the Company welcomes the continued expression of confidence in its leadership and management by the investing public, as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.
“Rest assured, we are committed to remaining resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, transforming Africa, and contributing positively towards building prosperity for all.”
Elumelu now owns direct shares of 273.10 million and indirect shares of 273.54 million (through Heirs Holdings Limited) in Transcorp Plc.