Business
Inside Details As Otedola Exits Transcorp
was welcomed onboard the company
Femi Otedola has exited Transcorp.
This development is on the heels of the increase in the shares of Group Chairman Tony Elumelu to 25.5 percent through proxy company, HH Capital Limited.
Elumelu increased his shares by shopping 9,697,189,984 units through HH Capital Limited to achieve this feat.
Checks revealed that 506,306,387 shares were acquired on April 27, 2023, while additional 1,493,477,786 shares were gotten on April 28, 2023.
Those who should know described Otedola’s exit from Transcorp in the face of this development as “based on mutual agreement.”
The founder of Geregu Power was welcomed onboard the company that has grown its assets to N442.7 billion when he acquired a 5.5 percent stake made up of 2,245,639,251 shares.
The purchase was made official on April 20, 2023.
Otedola increased his stake in the company that just paid investors a 150% increase in dividends with a further acquisition of 228,384,959 shares in a move confirmed as the ” expression of confidence in its leadership and management” by Transcorp.
However, as part of efforts to effect better returns for stakeholders, Transcorp announced the departure of Otedola on Friday, April 28, 2023.
The notice also confirms a significant increase in the stake of Elumelu in the company with strategic investments in the power, hospitality, and oil and gas sectors.
“Purchase of Transnational Corporation Plc shares by Mr. Tony Elumelu, CFR through HH Capital Limited.
“506,306,387 at various prices; 1,492,750,816 at N3.12; 720,000 at N3.10 and 6,970 at N3.11. The aggregate volume is 1,999,784,173 at various prices.” Transcorp stated.
