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Tony Elumelu Increases Stakes, HH Capital Announces Acquisition of 25.58% in Transcorp Plc

Tony Elumelu Increases Stakes, HH Capital Announces Acquisition of 25.58% in Transcorp Plc

The Business Tycoon, Tony Elumelu has increased his stakes in Transnational Corporation (Transcorp) by about N23 billion through HH Capital Limited.

Mr Elumelu acquired 9.69 billion shares through his investment company, HH Capital Limited, which previously held 293.98 million shares in Transcorp.

Transnational Corporation Plc (Transcorp), has reported a new acquisition of shares by HH Capital Limited, owned by billionaire Tony Elumelu.

The acquisition of 9,697,189,984 units of shares brings HH Capital’s total holdings in Transcorp to 9,991,173,177 units, representing 25.58% of the company’s total shares.

The acquisition was made in compliance with NGX Issuers Rules and was part of a jostle for shares in Transcorp following Femi Otedola’s acquisition.

Recall, with his share purchase, Mr Otedola surpassed Mr Elumelu, who held a 2.06 per cent holding at the time and also served as chairman of Transcorp

Transnational Corporation Plc (Transcorp) has informed the Nigerian Exchange Limited (NGX) and the investing public of the acquisition of new shares by HH Capital Limited.

HH Capital is a company (Special Purpose Vehicle) owned by billionaire investor Tony Elumelu and appears to be an acronym for Heirs Holdings.

A public search of the company reveals the directors are Tony Elumelu, Awele Vivien Elumelu, Obinna Ufudo (former MD/CEO of Transcorp Plc), Samuel Nwanze, and Matthew Isonanjo.

According to the details of the acquisition as of April 25, 2023, HH Capital Limited acquired 9,697,189,984 units of shares, bringing their total holdings in Transcorp to 9,991,173,177 units, representing 25.58% of the Company’s total shares.

“In compliance with Chapter 17, Rule 17.13 of the NGX Issuers Rules, Transnational Corporation Plc (the Company) hereby informs the Nigerian Exchange Limited (NGX) and the investing public of the below new acquisition of shares in the Company. With this new acquisition, HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58% of the Company’s total shares.”

Nairametrics earlier reported trade volumes of about 5 billion units exchanged hands in yet another off-market trade at the same price of N2.45 per share. Nairametrics research indicates over 10 billion units of the shares have traded since Femi Otedola announced the acquisition.

In a press release posted on the website of the NGX, Transcorp Plc stated that HH Capital purchased 1,843,008,604 units @ N1.85 6,552, another 167,522 units @N2.45.

It also stated that purchases of 16,738,209 units @ N2.69, 1,039,399,057 units  @N2.95, and 245,876,592 @various prices all totaling 9,697,189,979 were part of the transactions consummated between April 19 to April 25, 2023.

Meanwhile, Transcorp Plc also announced Femi Otedola purchased a further 228,384,959 shares of the company adding to the 5.05% he already owns.

About Bukola Olanrewaju

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