TheCable

HH Capital Limited, a special purpose vehicle (SPV) owned by Tony Elumelu, the billionaire entrepreneur, has increased its stake in Transnational Corporation Plc (Transcorp) to 25.58 percent.

According to a notice filed on the Nigerian Exchange Limited on Thursday, the company purchased additional 9,697,189,984 units of shares, bringing its total holdings in Transcorp to 9,991,173,177 units.

“In compliance with Chapter 17, Rule 17.13 of the NGX Issuers Rules, Transnational Corporation Plc (the Company) hereby informs the NGX and the investing public of the below new acquisition of shares in the company,” the notice signed by Funmi Olofintuyi, acting company secretary, Transcorp, reads.

“With this new acquisition, HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58 percent of the company’s total shares.

“As noted in our previous communication, the company welcomes the continued expression of confidence in its leadership and management by the investing public, as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.

“Rest assured, we are committed to remaining resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, transforming Africa, and contributing positively towards building prosperity for all.”

The development comes days after Femi Otedola, chairman of Geregu Power, confirmed his acquisition of a significant stake in Transcorp.

Reacting to Otedola’s investment in Transcorp in an interview on Wednesday, Elumelu said he looked forward to working with him to elevate the company to greater heights.