Otedola Raises Stake In Transcorp To 6.3% With Additional Share Purchase

Otedola Raises Stake In Transcorp To 6.3% With Additional Share Purchase

The chair of Lagos-listed Geregu Power Plc, Femi Otedola, has upped his interest in the conglomerate Transnational Corporation Plc (Transcorp) to 6.3 per cent, two separate notifications by his shareholders to his registrar.

Apt Securities and Funds Limited midwifed the purchase of 105.5 million shares, temporarily raising Mr Otedola’s holding to 5.8 per cent from the original stake of 2.2 billion (5.5 per cent), declared to the Nigerian Exchange on Thursday.

“We write to inform you that our client Femi Otedola (C4430272AP) has acquired additional unit of Transcorps shares that brings his percentage holdings with us to 5.8,” Apt Securities and Funds told the registrar Africa Prudential in a letter.

Stanbic IBTC Stockbrokers Limited, in its own letter, informed Africa Prudential the energy magnate procured shares adding up to 228.4 units through the firm. That takes his entire holding in Transcorp to 6.3 per cent or 2.6 billion shares.

At current market value, Mr Otedola’s investment in Transcorp by way of equity now stands at over N6.3 billion.

“Once you have hit the 5 per cent threshold for substantial shareholding, there is no requirement for you to make further disclosure on additional acquisition,” an official of the Nigerian Exchange told PREMIUM TIMES on condition of anonymity.”

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“Once you have hit that 5 per cent mark and they’ve announced that you are now a substantial shareholder, there is no further obligation on you to announce to either the NGX, SEC or CAC that you have bought more shares. It’s given that you are already a substantial shareholder,” he added in response to the question about whether his organisation has been informed of the development.

The two letters show the NGX was carbon copied in the notifications.

Mr Otedola, who holds the most shares in FBN Holdings, the parent company of Nigeria’s oldest lender FirstBank, is now the biggest shareholder in Transcorp after UBA Nominees.

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