The Nigerian Exchange (NGX) has lifted the trading suspension on Transnational Corporation Plc (Transcorp) after completing its share reconstruction, which adjusted the company’s issued share capital.
This follows an earlier market bulletin from October 10, 2024, announcing the temporary suspension to prepare for this restructuring process.
As part of the reconstruction, the entire 40,647,990,293 issued shares of Transcorp were delisted from the NGX’s Daily Official List on October 28, 2024. In place of the delisted shares, a newly reconstructed issued share capital of 10,161,997,574 ordinary shares, each valued at 50 Kobo, was listed on the NGX at an opening price of N44.2 per share.
The share capital restructuring was approved by Transcorp’s shareholders at its Annual General Meeting on May 27, 2024, and received a no-objection statement from the Securities and Exchange Commission.
According to a statement seen by NewsNGR, the Nigerian Exchange Limited (NGX) said:
“We refer to our market bulletin with reference number NGXREG/IRD/MB73/24/10/10, dated 10 October 2024, wherein the Market was notified that trading in the shares of Transnational Corporation Plc (Transcorp or the Company) was placed on suspension effective, Thursday, 10 October 2024, in preparation for the share reconstruction of the Company’s Issued shares.
“The Market is hereby notified that the entire 40,647,990,293 issued shares of Transcorp were delisted from the Daily Official List of Nigerian Exchange Limited (NGX) on Monday, 28 October 2024, while the newly reconstructed issued share capital of 10,161,997,574 ordinary shares of 50 Kobo each were also today, listed on the Daily Official List of NGX at N44.2 per share.”
NewsNGR reported recently that Transcorp Plc announced the successful completion of its share reconstruction, a strategic action aimed at maximising long-term shareholders value.
The share reconstruction involved a consolidation of the total number of issued shares at a ratio of 1 to 4, reducing the total issued and fully paid shares of Transcorp Group from 40.6 billion shares to 10.2 billion shares.
While the number of shares reduced pro rata, the total value of shareholders’ investments remains unchanged with no dilutive impact to shareholders.
Commenting on the share reconstruction, President/GCEO of Transcorp Plc Owen Omogiafo had said,
“This share reconstruction is in line with the company’s corporate strategy and growth plan and is aimed at maximizing shareholder value. The reconstruction will bring the company’s capital structure to a manageable position
“Transcorp Plc remains committed to driving growth and creating value for its shareholders through strategic actions that align with its business objectives”.