By Our Correspondent

Lagos (INVESTADVOCATE)- Transnational Corporation of Nigeria (TRANCORP) Monday said it intends to increase its Authorised Share Capital from N18 billion to N22.55 billion Ordinary Shares of 50 Kobo each through a Rights Issue.

This is contained in a Notice from the Company to the Nigerian Stock Exchange (NSE) and made available to www.investadvocateng.com in Lagos Nigeria.

TRANCORP notified the NSE of the decision of its Board of Directors (BOD) to convene an Extraordinary General Meeting (EGM), the  EGM is scheduled to take place on Thursday, March 28, 2013 at Lagos Oriental Hotel, Lekki Victoria Island, Lagos Nigeria.

For the Firm to increase its Authorised Share Capital, it intends to create 9 billion new Ordinary Shares of 50 kobo each and to authorise the Directors to issue up to 13 billion Ordinary Shares of 50 kobo each from the Company’s Share Capital by way of Rights Issue.

According to the EGM Notice to the Stock Exchange, the Rights Issue will be upon such terms and conditions as the Directors may deem fit.