Temitope Aina

HH Capital Limited has announced its acquisition of 1,493,477,786 ordinary shares of Transnational Corporation Plc, representing 35.94 per cent of the company’s shareholding.

According to a statement filed on the Nigeria Exchange Limited by the Group Company Secretary, Atinuke Kolade, on Monday, the transaction, conducted at a weighted average price of N3.12 per share on April 28, 2023, increased HH Capital’s direct and indirect cumulative holdings in Transcorp, inclusive of shares held by related parties such as Tony Elumelu, Awele Elumelu, and Heirs Holdings Limited.

“On April 28, 2023, HH Capital Limited (“HH Capital” or “Offeror”) purchased 1,493,477,786 ordinary shares of Transnational Corporation Plc at a weighted average price of N3.12 per share.,” the statement read.

This development has triggered the mandatory offer provisions under the Investment and Securities Act, 2007, and the Securities and Exchange Commission rules.

Kolade added that HH Capital has obtained SEC approval to make a tender offer for up to 2,032,399 fully paid ordinary shares of Transcorp, equivalent of 0.02 per cent of the company’s issued and fully paid share capital. The offer includes a 0.25 per cent premium to the opening price of Transcorp shares on the offer’s commencement date.

In 2023, the chairman of Transcorp Corporation Plc, Tony Elumelu, increased his stakes in the conglomerate by 9,697,189,979 billion via HH Capital Limited, where he is a director.