WorldStage Newsonline– There was a nervous trading on the stock of Transnational Corporation of Nigeria plc (Transcorp) on Monday, a day to the 81st meeting of the shareholders to consider what they warned would reveal certain price-sensitive information.
Trading on Transcorp stock opened Monday at N0.6 and dropped to N0.58, only to return and closed at N0.6.
Altogether, there were 50 transactions on conglomerate’s stock involving 4,832,264 shares valued at N2,855,980.99 on Monday.
WorldStage earlier reported that the stock shed 0.01% from N0.59 to N0.58 the day the notification about the 81st meeting was issued only to rebound by 0.02% to N0.6 the following day.
WorldStage also reported that a critical decision on the selection of Transcorp Power Consortium as the preferred bidder (bid) for the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited) with a bid price of N105.3 billion (about US$343.6 million) by National Council on Privatisation (NCP) is not unlikely to come at the Tuesday’s meeting.
Moreover, WorldStage’s report that Transcorp, the owner of Transcorp Hotels Plc will be counting its losses at the September 22 meeting from the negative impact of COVID- 19 pandemic had been confirmed by the recent announcement by the Managing Director, Mrs Dupe Olusola, that hotels’ occupancy levels had crashed to fewer than 5% as the group was set to cut workforce by 40%.
Transcorp is Nigeria’s diversified conglomerate with strategic investments and core interests in the hospitality, agribusiness and energy sectors.
