Transcorp Finalises Share Capital Reconstruction, Adjusts Price
Transnational Corporation (Transcorp) Plc has announced the successful completion of its share reconstruction, a strategic action aimed at maximising long-term shareholders’ value.
The share reconstruction involved a consolidation of the total number of issued shares at a ratio of 1 to 4, reducing the total issued and fully paid shares of Transcorp Group 40.6 billion shares to 10.2 billion shares.
Whilst the number of shares reduced pro rata, the total value of shareholders’ investments remains unchanged with no dilutive impact to shareholders.
Commenting on the share reconstruction, Owen D. Omogiafo OON, President/GCEO of Transcorp Plc, said, “This share reconstruction is in line with the Company’s corporate strategy and growth plan and is aimed at maximising shareholder value. The reconstruction will bring the company’s capital structure to a manageable position.
Transcorp Plc remains committed to driving growth and creating value for its shareholders through strategic actions that align with its business objectives. Transcorp was placed on suspension on 10 October 2024, in preparation for the share reconstruction of the company’s issued shares.
MarketForces Africa reported that 40,647,990,293 issued shares of Transcorp were delisted from the Daily Official List of Nigerian Exchange Limited (NGX) today, 28 October 2024, while the newly reconstructed issued share capital of 10,161,997,574 ordinary shares of 50 Kobo each were also today, listed on the Daily Official List of NGX at N44.2 per share.
The delisting of 40,647,990,293 ordinary shares and listing of 10,161,997,574 ordinary shares on NGX is pursuant to the approval received from the company’s shareholders at its Annual General Meeting of 27 May 2024 and the no objection received from the Securities and Exchange Commission. CBN Defends Naira with $39m in Forex Market
