WorldStage Newsonline– Transnational Corporation (Transcorp), Nigeria’s leading listed conglomerate, has announced the successful completion of its share reconstruction involving a consolidation of the total number of issued shares at a ratio of 1 to 4.
This reduced the total issued and fully paid shares of Transcorp Group from 40.6 billion shares to 10.2 billion shares representing 74.88% reduction
Stanley Chikwendu, Group Company Secretary in a notice at the Nigerian Exchange said the share reconstruction was a strategic action aimed at maximising long-term shareholders value.
“Whilst the number of shares reduced pro rata, the total value of shareholders’ investments remains unchanged with no dilutive impact to shareholders,” the notice said.
Commenting on the share reconstruction, Owen D. Omogiafo,
President/GCEO of Transcorp Plc said, “This share reconstruction is in line with the company’s corporate strategy and growth plan and is aimed a maximising shareholder value.
“The reconstruction will bring the capital structure to a manageable position .
“ Transcorp Plc remains committed to driving growth and creating value for its shareholders through strategic actions that align with its business objectives.”
