Femi Otedola, chairman of Geregu Power, has exited his 6.3 percent stake in Transnational Corporation Plc (Transcorp).
, sources in the know of the development said Otedola sold his shares to Tony Elumelu, group chairman of Transcorp.
The sources said Elumelu purchased Otedola shares using Transcorp’s closing price on Thursday at an options contract due to be paid in a series of installments over time. “Both parties believed that reaching an agreement was in their best interests to do so, so the negotiations leading up to it were said to be brief but friendly. Otedola and Elemelu openly committed to collaborating to advance Transcorp’s objectives,” the sources were quoted as saying.“In compliance with Chapter 17, Rule 17.
“With this new acquisition, HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58 percent of the company’s total shares.”
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tony Elumelu: Otedola is my brother — I look forward to working with him at Transcorp | TheCableTony Elumelu, group chairman of Transnational Corporation Plc (Transcorp), has commended Femi Otedola, the billionaire businessman, for his recent acquisition of a significant stake in the conglomerate.
Read more »
Tony Elumelu: Otedola is my brother — he should be commended for investing in TranscorpTony Elumelu, group chairman of Transnational Corporation Plc (Transcorp), has commended Femi Otedola, the billionaire businessman, for his recent acquisition of a significant stake in the conglomerate.
Read more »
Otedola gives up top ownership race in Transcorp, sells stake to ElumeluTranscorp shares slumped 9.9 per cent on the Nigerian Exchange (NGX) in Lagos
Read more »
ICYMI: Tony Elumelu’s HH Capital ups stake in Transcorp to 25.58% | TheCableHH Capital Limited, a special purpose vehicle (SPV) owned by Tony Elumelu, the billionaire entrepreneur, has increased its stake in Transnational Corporation Plc (Transcorp) to 25.58 percent.
Read more »
Elumelu becomes Transcorp’s biggest shareholder, amasses 9.7 billion sharesThe move ramps up Mr Elumelu’s combined stake in the group to 10.5 billion shares or 25.9 per cent.
Read more »
Elumelu becomes Transcorp’s biggest shareholder, amasses 9.7 billion sharesTranscorp's shares numbering 2.4 billion units exchanged hands in the open market in the period, implying most, if not all of Mr Elumelu’s...
Read more »