Elumelu’s HH Capital owns 25.58% shares in Transcorp
Transnational Corporation Plc (Transcorp) has informed the Nigerian Exchange Limited (NGX) and the investing public of the 25.58 per cent 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 25.58per cent of the company’s total shares.
The statement by the company reads 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.”
Our correspondent had 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.
In a press statement posted on the website of the NGX, Transcorp Plc stated that HH Capital purchased 1,843,008,604 units at N1.85 and 6,552,167,522 units at N2.45.
It also stated that purchases of 16,738,209 units at N2.69, 1,039,399,057 units at 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.
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.
Meanwhile, Transcorp, on the Exchange also announced Femi Otedola purchased a further 228,384,959 shares of the company, adding to the 5.05per cent he already owns.
