Transcorp streamlines capital structure with 75% share reduction

businessamlive
By businessamlive 2 Min Read

Onome Amuge

Owen Omogiafo, Transcorp’s president/group chief executive officer

Transnational Corporation Plc has successfully completed a share capital reconstruction, reducing its total issued shares by 75 percent from N40.6 billion to N10.2 billion, Owen Omogiafo, the group president, announced in a statement on Monday.

Omogiafo stated that the share capital reconstruction was executed with the long-term interests of shareholders in mind, as it is intended to enhance shareholder value without affecting the overall worth of their investments.

The share capital reconstruction involved a share consolidation ratio of 1 to 4, meaning that every four shares held by a shareholder were converted into one share, resulting in a streamlined capital structure for the company.

According to Omogiafo, “This share reconstruction is in line with the Company’s corporate strategy and growth plan and is aimed at maximizing shareholder value.”

Omogiafo f explained that this move will help bring the company’s capital structure to a manageable position, a testament to Transcorp’s dedication to enhancing shareholder value by taking actions that align with its business objectives.

The group president also noted that the initiative demonstrates its commitment to maximising shareholder value by undertaking strategic actions that are in line with its business objectives.

“Transcorp Plc remains committed to driving growth and creating value for its shareholders,” he stated.

 

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Onome Amuge is a Nigerian journalist and content writer known for his analytical and engaging reporting on business, finance, agriculture, commodities, and technology. He is currently a journalist at Business a.m., a Nigerian business-focused newspaper, where he has authored over 360 articles covering a wide range of topics including economic trends, market analysis, and policy developments.