Transnational Corporation Plc (Transcorp Group) on Monday announced the listing of its subsidiary, Transcorp Power Plc (Transcorp Power or TP Plc) by introduction on the Main Board of the Nigerian Exchange (NGX).
Announcing the listing, an official of Transnational Corporation Plc, Stanley Chikwendu, said a “Facts Behind the Listing” session was schedule at the NGX Group House later to allow the Management of TP Plc, led by the Chief Executive Officer, Peter Ikenga, to provide information to trading license holders, analysts, the media and investors about the listing and the company.
With the listing, Chikwendu said Transcorp Group now has two subsidiaries listed on the NGX, a demonstration of its commitment to creating value for the Nigerian public and catalyzing economic growth in Nigeria.
Transcorp Group, which has strategic investments in the power, hospitality, and energy sectors, he said, would continue to maintain a significant holding in Transcorp Power Plc, the operator of the 972 megawatts (MW) capacity Ughelli Power Plant in Delta State.
At the time of acquisition, Chikwendu said the plant had an available capacity of 160MW.
Within four years of acquisition, he said investment by Transcorp Power has raised available capacity by 227 percent 680.83MW, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises (BPE).
Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market.
Currently, Transcorp Power is suppling electricity to the ECOWAS Regional Market.
