Transcorp Power Plc, a power subsidiary of Transnational Corporation Plc, has listed its shares via introduction on the Main Board of the Nigerian Exchange, adding more than N1.8 trillion to the market capitalisation of NGX and further boosting liquidity in the Nigerian capital market.
This was celebrated on March 4, 2024 with a Closing Gong ceremony and “Facts Behind the Listing” presentation.
Transcorp Power gained 10 percent on the first day of trading to close at N264 per share, up from the listing price of N240 per share.
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The listing of Transcorp Power is further evidence of the execution of Transcorp Group’s integrated power strategy, ensuring Nigeria’s natural resources are harnessed for the development of the Nigerian economy and so delivering on the Group’s mission of “Improving Lives and Transforming Africa”.
The listing, which comes on the 10th anniversary of Transcorp Power’s founding, demonstrates the Company’s strong corporate governance, operational excellence, and value creation for stakeholders.
This track record was earlier recognised in May 2023 when the Company became the first successor Power Generating Company in Nigeria to receive its post-privatisation discharge from the National Council on Privatisation, having met and surpassed the key performance indicators set out by the Bureau of Public Enterprises.
Transcorp Power operates the Ughelli Power Plant in Delta State, with an installed capacity of 972MW.
At the time of acquisition, the plant had an available capacity of 160MW.
Transcorp Power invested and increased the available capacity to 680.83MW (a 227% increase) within four years of acquisition, surpassing the five-year target of 670MW set by the Bureau of Public Enterprises.
Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market.
Today, Transcorp Power supplies electricity to the ECOWAS Regional Market.
Peter Ikenga, Transcorp Power’s Managing Director/CEO, stated: “This is a testament to our unwavering dedication to powering Nigeria’s growth.
“We embark on this new chapter with a sense of purpose, innovation, and a commitment to continue to deliver sustainable energy solutions in Nigeria and beyond.”