Transcorp Power Falls by 10% as Director Sell Huge Shares
Transcorp Power Plc lost additional 10% of its market value as one of its directors sold shares on the floor of the Nigerian Exchange in the recent past week.
Its share price has been falling after it paused from making further uptrend amidst liquidity pressure on its shares trading in the market.
Transcorp Power Plc directors are still selling shares to provide liquidity for investors seeking to trade on the utilities stock in the market.
Latest data from the Nigerian Exchange showed that the power generating company’s market value declined sharply, fell to N301.70 per share from N335.20.
Equities investors priced the power generating company’s 7.5 billion shares outstanding in the market at N2.262 trillion, according to details from the equities market.
At the current market value, Transcorp Power Plc is trading at about 22% discount to its higher price since it listed by introduction.
Details from the local bourse revealed that Non-Executive Director Indirect Shareholder through Woodrock Energy Resources Limited sold 5,652,911 units at the rate of N335.20 per share
The company told the Nigerian Exchange that the sale of Transcorp Power shares was to provide liquidity for its listing by Introduction. #Transcorp Power Falls by 10% as Director Sell Huge Shares
