Transcorp Energy buyers achieve N378bn in two days

The market capitalisation of newly-listed Transcorp Power has risen by about N378bn to N2.18tn in two days as its shares gained about N50 per unit within days of listing.

On Monday, Transcorp Power listed by introduction 7.5 billion ordinary shares of 50 kobo each at N240 per share with a market cap worth N1.8tn.

It gained 10 percent on its first trading day to close at N264 per unit.

At the end of Tuesday, its second day of trading, the value of Transcorp Power shares had risen to N290.40 per unit with a market cap of N2.18tn.

This indicated that early investors in the stocks of the company had gained N378bn in two days

The listing of Transcorp Power Plc, which is a power subsidiary of Transnational Corporation Plc was commemorated with a Closing Gong ceremony and a ‘Facts Behind the Listing’ presentation at the Nigerian Exchange building in Lagos.

“The listing which comes on the 10th anniversary of Transcorp Power’s demonstrates the Company’s strong corporate governance, operational excellence, and value creation for stakeholders.

This track record was earlier recognised in May 2023, when the Company became the first successor Power Generating Company in Nigeria to receive its post-privatization discharge from the National Council on Privatisation, having met and surpassed the key performance indicators set out by the Bureau of Public Enterprises,” a statement from the firm on Tuesday said.

Speaking at the exchange, Transcorp Power’s Managing Director/Chief Executive Officer, Peter Ikenga, said, “This is a testament to our unwavering dedication to powering Nigeria’s growth. We embark on this new chapter with a sense of purpose, innovation, and a commitment to continue to deliver sustainable energy solutions in Nigeria and beyond.”

Transcorp Power operates the Ughelli Power Plant in Delta State, with an installed capacity of 972 MW.

At the time of acquisition, the plant had an available capacity of 160MW. Transcorp Power invested and increased the available capacity to 680.83MW (a 227 percent increase) within four years of acquisition, surpassing the five-year target of 670MW set by the Bureau of Public Enterprises.

Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market.

According to Ikenga, the power company earned 18 percent of its revenue from the sale of power to countries in the ECOWAS bloc up from 3.3 percent when it commenced the export of power in 2020.