By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)- Conglomerate, Transnational Corporation of Nigeria Plc (Transcorp) Monday announced it will pay its shareholders dividend for the first time since listing on the Nigerian Stock Exchange (NSE) on November 23, 2006.

This is contained in a notice to the NSE and made available to investAdvocate in Lagos Nigeria.

The Board of Directors of the company hinted the NSE that sequel to its written resolution on December 11, 2013; members of the Board of Transcorp have unanimously resolved that:

• Based on the impressive 2013 Nine Months Unaudited Accounts of the Company; and in further consideration of the fact that since the listing of the Company’s shares on the Main Board of The Nigerian Stock Exchange in December 2006, the Nigerian Public who bought into the vision have not earned any dividends, the Board hereby recommends to the Shareholders of the Company, the payment of dividends at the end of the Financial Year 2013.

• The quantum of the dividend recommended herein shall be determined at the end of the Financial Year 2013 and is subject to the final 2013 Audited Accounts of the Company and any required regulatory approvals or consent.

Transcorp had earlier in 2013 issued rights of 12,906,999,142 ordinary shares of 50 kobo each at N1.00 per share and listed same on the daily official list of the NSE.

The company was incorporated on the 17th of November 2004 in response to the need to establish a mega corporation by Nigerian investors.