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…Transpower has capacity recovery during national grid shutdown — MD
The Transcorp Power Plc on Monday has its 7.8 billion shares valued at N1.8 trillion listed on the Main Board of the Nigeria Exchange Limited.
The company which is listed by introduction on the exchange at a unit price of N240 per share is part of the Transcorp Group conglomerate which includes power, hospitality and manufacturing.
Activities in the day which saw 40 million units available for trading, showed a 10 percent rise, thereby making investors gaining a total of N180 billion and the shares closing at N264 per share.
This gives a valuation of N1.98 trillion meaning it gained a whopping N180 billion on the first day of trading.
Addressing the capital market community at the company’s presentation at during its Fact Behind the listing, the Managing Director/CEO, Engr Peter Ikenga said, the strategic drive of the company is to be a leading power company with an annual revenue in excess of N500 billion by 2031.
He said with a diversified energy mix, including renewables and off-grid solutions, the company has the capacity recovery and plant expansion drive, focusing on increasing footprint in international electricity markets, as well as having a significant market share in Nigeria.
Continuing, Ikenga said, the company had witnessed transformation in its ownership, through the takeover of a government-owned asset into a leading private sector led organization.
He stated that Transcorp Power presents a unique opportunity in Nigeria’s power generation sub-sector, which is pivotal to the country’s economic growth.
He explained that the firm has 18 gas turbines of different capacities. “Through effective maintenance and upgrading programmes, Transcorp Power has continued to ensure optimal performance of its turbines, irrespective of the section of the Plant in which they are located.
“Whilst installed capacity has remained same in the past few years, Transcorp Power has been able to steadily improve on its capacity utilization rate. In 2023, the Company’s utilization rate stood at 78 per cent.”
The Group Chairman, Nigerian Exchange Group, Alhaji Dr. Umaru Kwairanga commended the listing of 7.5 billion ordinary shares of Transcorp Power on the Main Board of NGX, saying the listing was a testament to the resilience, innovation, and excellence within Nigeria’s power sector.
He added that it also underscores NGX’s pivotal role in driving economic growth and development in our nation, saying “we as an Exchange are determined to ensure that all sectors of Nigeria’s economy are fully represented on NGX and that the transparency, sustainability, ethical values, and private sector dynamism that drives the Exchange drives the economy.”
Kwairanga further said “with a market capitalization exceeding N1 trillion, Transcorp Power’s entry into the public market represents a significant milestone, highlighting the increasing confidence and maturity of our capital market.
“It is a clear signal of the transformative journey our energy sector has embarked upon, thanks to the Electric Power Sector Reform Act and subsequent market liberalization.”
The acting CEO of NGX, Jude Chiemeka stated that with Transcorp Power boasting a remarkable market capitalization of over N1 trillion, marking the first listing of the year, underscored the pivotal role NGX plays in shaping Nigeria’s economic landscape.
He added that NGX is not just a platform for trading stocks; “it is a catalyst for economic growth and development, and we recognize our responsibility in supporting the government’s privatization efforts, particularly within the energy sector.
“The listing of Transcorp Power exemplifies our belief that NGX serves as a viable platform for the privatization of energy companies, driving efficiency, innovation, and sectoral growth,” he said.
Also, the Chief Finance Officer of Transcorp Power, Evans Okpogoro added that The Company’s revenue has grown impressively over the past five years, driven by a surge in energy delivery and capacity charge, coupled with the lucrative expansion into international markets.
Okpogoro explained that the Company has sustained and grown its EBITDA margins, thereby strengthening its pedigree as one of the leading power generation companies in Nigeria.
Photo Caption:
From Left —CEO, Vetiva Capital, Chuka Eseka; Non-Executive Director, Nigerian Exchange Group, Mr. Nonso Okpala; President/GCEO, Transnational Corporation(Transcorp) Plc, Dr. Owen Omogiafo; Acting CEO, Nigerian Exchange(NGx) Limited, Jude Chiemeka; Managing Director/CEO, Transcorp Power Plc Engr. Peter Ikenga; Group Chairman, Transcorp Plc, Mr. Tony Elumelu; Chairman, Nigerian Exchange Group, Dr. Umaru Kwairanga; Non-Executive Director, Transcorp Power Plc, Peter Hertog; Chairman, Transcorp Power Plc, Mr. Emmanuel Nnorom; Chief Financial Officer, Transcorp Plc, Evans Okpogoro; Non-Executive Director, Transcorp Power Plc, Risqua Muhammed; Head, Broker Dealer Regulation, Nigerian Exchange Group, Olufemi Shobanjo; Non-Executive Director, Transcorp Group, Mrs Foluke Adulrasak, during the Facts Behind the Listing and Closing Gong Ceremony of Transcorp Power Plc to commemorate the Listing by Introduction of 7,500,000,000 Ordinary Shares of 50 kobo each at N240.00 per share on Nigerian Exchange Limited today in Lagos.
