Transcorp Power Plc, yesterday traded over N10 billion worth of shares on the first day of its listing by introduction on the Main Board of the Nigerian Exchange. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share.
Daily Trust learnt that investors exchanged 40 million units of Transcorp Power Plc shares worth N10.56bn at the close of trading, as the shares recorded a 10% gain, to close at N264 per share.
Transcorp Power, which becomes the second Power company listed on the exchange following Geregu Power Plc, has set a target of N500 billion annual revenue growth by 2031.
The company’s Managing Director, Mr Peter Ikenga, who disclosed this during the Facts Behind the Listing held at bourse, said the company has witnessed transformation in its ownership, through the takeover of a government-owned asset into a leading private sector led organization.
Children starving to death in northern Gaza hospitals – WHO
Police arrest suspected fraudster impersonating Kaduna govt in Edo
He stated that Transcorp Power presents a unique opportunity in Nigeria’s power generation sub-sector, which is pivotal to the country’s economic growth.
“Our target is to be the leading power company with an annual revenue in the excess of N500 billion by 2031,” he said.
He explained that Transcorp Power has 18 gas turbines of different capacities comprising 12 Hitachi H25 gas turbines of 23.8MW capacity each and six Frame 9E General Electric (GE) gas turbines of 105MW capacity each.
According to Ikenga, Transcorp Power’s Plant has three major sections respectively referred to as Delta II, Delta III and Delta IV. Each ‘Delta’ has gas turbines (GTs) of different capacities.
“Through effective maintenance and upgrading programmes, Transcorp Power has continued to ensure optimal performance of its turbines and balance of plant. Whilst installed capacity has remained same in the past few years, Transcorp Power has been able to steadily improve on its capacity utilization rate. In 2023, the Company’s utilization rate stood at 78 per cent,” he added.
The Chief finance officer of Transcorp Power, Evans Okpogoro added that the Company’s revenue has grown impressively over the past five years, driven by a surge in energy delivery and capacity charge, coupled with the lucrative expansion into international markets.
The chairman of NGX Group, Dr. Umaru Kwairanga, said the listing of Transcorp Power’s 7.5 billion shares is a testament to the resilience, innovation, and excellence within Nigeria’s power sector.
He added that it also underscores NGX’s pivotal role in driving economic growth and development in our nation.
“With a market capitalization exceeding N1 trillion, Transcorp Power’s entry into the public market represents a significant milestone, highlighting the increasing confidence and maturity of our capital market.
“It is a clear signal of the transformative journey our energy sector has embarked upon, thanks to the Electric Power Sector Reform Act and subsequent market liberalization,” he said.
The acting CEO of NGX, Jude Chiemeka, who lauded the listing of Transcorp Power, stressed that the NGX is not just a platform for trading stocks.
“It is a catalyst for economic growth and development, and we recognize our responsibility in supporting the government’s privatization efforts, particularly within the energy sector.
“The listing of Transcorp Power exemplifies our belief that the NGX serves as a viable platform for the privatization of energy companies, driving efficiency, innovation, and sectoral growth,” he said.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
