Transnational Corporation Plc stated it successfully completed a share capital reconstruction, reducing its total issued shares by 75%, from 40.6 billion to 10.2 billion shares.
This move is likely aimed at improving the company’s financial structure and potentially enhancing shareholder value.
This was disclosed in a statement on Monday by the President/GCEO of Transcorp Plc, Owen Omogiafo.
Omogiafo highlighted that this strategic initiative is intended to enhance long-term shareholder value while ensuring that the overall value of shareholders’ investments remains unchanged.
The share reconstruction involved consolidating shares at a ratio of 1 to 4, effectively simplifying the company’s capital structure.
“This share reconstruction is in line with the Company’s corporate strategy and growth plan and is aimed at maximizing shareholder value,” Omogiafo.
He added that the action will “bring the company’s capital structure to a manageable position.”
Omogiafo further stated that Transcorp’s initiative demonstrates its commitment to boosting shareholder value through strategic actions that align with its business objectives.
He noted that Transcorp Power Plc and Transafam Power Limited contribute over 20% of Nigeria’s installed power capacity.
He added that the Group’s investment strategy focuses on developing Nigeria’s domestic energy value chain and expanding its renewable energy initiatives.
With the completion of the share reconstruction, Transcorp seeks to position itself for future growth while ensuring that existing shareholders preserve their value in the company.
