Transnational Corporation of Nigeria Plc on Tuesday announced the official listing of its rights issue of 12.9 billion ordinary shares on the floor of the Nigerian Stock Exchange.

The President/Chief Executive Officer, Transcorp, Mr. Obinna Ufudo, remarked in a statement that the rights issue was 132.08 per cent subscribed.

This, according to him, confirms the unflinching support and trust reposed in the current board and management of the company by its shareholders.

The statement explained that all excess monies and interest accrued thereon have been returned to the subscribers.

 Ufudo said, “We thank our shareholders for this significant show of support for our turnaround initiatives.  The funds raised further strengthened our ability to conclude existing transactions and initiate new investments in line with our vision.

“The future just got brighter for the company and our 300,000 shareholders”.

 In line with the rights circular, the funds raised will be used mainly to refinance the company’s investments in the acquisition of Ughelli Power Plc and deepening its play in the Hospitality and Oil and Gas sectors.

With the listing, the market capitalisation of Transcorp increased by about 54 per cent from N35.4bn to N54.6bn. This further restated the company as one of the most capitalised stocks on the NSE.

Meanwhile, the NSE Year-to-Date appreciation closed on Tuesday at 29.92 per cent, representing a decline from a peak of 36 per cent recorded early this year.

At the close of Tuesday’s trading, the NSE All-Share Index fell to 36,480.24 basis points, representing a decline of 0.13 per cent or 46.50 points compared to 36,526.74 points at which it closed on Monday.

However, the market capitalisation of the listed shares closed at N11.569tn, up from N11.567tn recorded the previous day.

The NSE-30 Index also recorded a marginal decline as it fell by 0.2 per cent or 2.81 basis points from 1,709.43 points on Monday, to close at 1,706.42 points, while the Consumer Goods Index fell by 2.55 basis points or 0.25 per cent to close at 1,025.41 points.

Jos International Breweries Plc led 23 other stocks on the price gainers’ chart, as it gained 9.9 per cent or 20 kobo to close at N2.21 per share.

Source: Punch (by Udeme Ekwere)