Transnational Corporation Plc has made a significant move in the energy sector with the listing of its subsidiary, Transcorp Power Plc, on the Main Board of the Nigerian Exchange. This exciting development was announced on Monday, March 4, 2024, marking a new chapter for the company.
Led by CEO Peter Ikenga, Transcorp Power Plc will provide key information about the listing and the company at a special event called ‘Facts Behind the Listing’ at NGX Group House. This event aims to engage trading license holders, analysts, the press, and investors, shedding light on the company’s future prospects.
Under the leadership of Chairman Tony Elumelu, Transcorp Power Plc now stands alongside Geregu Power Plc as one of the two listed power companies on the NGX. Geregu Power Plc currently holds the title of the most valuable power company with a market capitalization of N2.4tn, while Transcorp Power Plc is expected to have a valuation of N1.8tn, making it the second most valuable power company on the exchange.
Transcorp Power Plc operates the Ughelli Power Plant in Delta State, boasting an impressive installed capacity of 972 MW. Since its acquisition, the company has significantly increased the plant’s available capacity to 680.83 MW, surpassing the Bureau of Public Enterprises’ 5-year target within just four years.
In addition to its operations in Nigeria, Transcorp Power Plc is a member of the West African Power Pool and actively participates in the ECOWAS Regional Electricity Market. The company’s recent acquisition of a 60% stake in the Abuja Electricity Distribution Company further solidifies its position in the energy sector.
With billionaire businessman Tony Elumelu as the largest shareholder, Transcorp Power Plc is poised for continued growth and success in the energy industry. Stay tuned for more updates on this dynamic company’s journey towards a sustainable energy future.
