Transnational Corporation Plc (Transcorp), a multinational conglomerate with assets in the power, hospitality, and energy sectors, has announced that Femi Otedola, chairman of Geregu Power, has sold his 6.3 percent stake in the company.
Tony Elumelu, group chairman of Transcorp, was reportedly the recipient of Otedola’s shares, according to persons familiar with the development who spoke to BusinessDay.
According to the sources, Elumelu bought Otedola shares at Transcorp’s Thursday closing price under an options deal that required periodic payments.
“Both parties believed that reaching an agreement was in their best interests to do so, so the negotiations leading up to it were said to be brief but friendly. Otedola and Elemelu openly committed to collaborating to advance Transcorp’s objectives,” the sources were quoted as saying.
On Thursday, Transcorp announced that HH Capital Limited, a special purpose vehicle (SPV) owned by Elumelu, increased its stake in the conglomerate to 25.58 percent.
“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,” Transcorp said.
“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.”
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