Dipo Olowookere
By Dipo Olowookere
Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered.
The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu.
Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024.
The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its current value is N54.035 trillion.
To commemorate the listing of Transcorp Power, the NGX will honour the energy firm with a closing gong ceremony next Monday. The company will also hold the Facts Behind the Listing after the close of trading activities at the stock exchange at 2:30 pm.
The FBF is a platform created by the exchange to provide stockbrokers, investors, analysts, fund managers and capital market correspondents with market information about the financial performance of companies listed on the NGX.
Recall that on Wednesday, October 5, 2022, Geregu Power listed its stocks on the bourse, increasing the market capitalisation of the exchange by N250 billion following the listing by the introduction of 2.5 billion ordinary shares at N100 per unit.
The company, owned by Mr Femi Otedola, was the first power generation company (GenCo) in Nigeria to be listed on the NGX main board, a listing segment for well-established companies with demonstrable records of accomplishments.
Transcorp Power Plc is a subsidiary of Transcorp Plc, a company also listed on the stock exchange in Nigeria.
The power firm came into existence from the merger of Transcorp Ughelli Power Limited and Ughelli Power Plc.
According to information on its website, Transcorp Power plant uses natural gas supplied by Nigeria Nigeria Gas Infrastructure Company (NGIC) as the primary fuel for power generation.
The gas-fired open cycle thermal power plant is located in Ughelli, Delta State. It is the largest fossil-fuel-based power-generating station in the country. It has an installed capacity of 972 MW and can generate 2,500 GWh of electricity annually.
