HH Capital Limited, owned by the billionaire investor, Tony Elumelu, chairman, United Bank for Africa (UBA), has acquired 9,697,189,984 units of shares of Transnational Corporation of Nigeria Plc, otherwise known as Transcorp Plc, thus bringing his total shareholding in the company to 9,991,173, 177 units, amounting to 25.58 percent of Transcorp Plc outstanding shares.
This was contained in the notice sent to the Nigerian Exchange Group (NGX) by Funmi Olofintuyi, acting company secretary of Transcorp Plc.
“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,” Olofintuyi said.
She added that the recent acquisitions of Transcorp Plc shares, demonstrated the level of confidence the investing public has in the company, noting that Transcorp will continue to show unwavering commitment to stakeholders’ returns, premised on the ideology of Africapitalism.
Transcorp Plc operates in the hospitality, power, oil and gas sectors.
A public search on HH Capital provided by B2BHint, indicated that HH Capital was incorporated on the 27 of April 2010 as a general merchandise company, with a registration number 913560 and a paid-up capital of N50 million. At incorporation, it had 50 million ordinary shares at N1 per share.
Tony Elumelu has 500,000 ordinary shares in HH Capital, according to the findings from public search, while another company of his, Heirs Holdings Limited, has 49.5 million ordinary shares.
As of December 31, 2022, Transcorp Plc revenue rose by 21.1 percent to N134.72 billion, compared to N111.22 billion realized in a similar period in 2021.
However, due to a 222.44 percent surge in tax payment from N4.167 billion in 2021 to N13.44 billion in 2022, profit after tax declined by 29.34 percent to N16.84 billion in 2022, down from N23.83 billion in 2021.
Elumelu’s recent acquisitions followed the purchase of 5.52 percent of Transcorp Plc shares by the business mogul, Femi Otedola who is the chairman of Geregu Power Plc.
In terms of the amount of shareholding in Transcorp Plc, Tony Elumelu now controls 25.58 percent, followed by UBA Nominees Limited with 9.26 percent shareholdings, and Femi Otedola, 5.52 percent stake in the company.
