Elumelu’s HH Capital offers to buy 2.03 million shares from other Transcorp investors

HH Capital Limited, controlled by business tycoon and Heirs Holdings chair Tony Elumelu, is poised to buy up to 2,032,399 ordinary shares held by other shareholders of Transnational Corporation Plc (Transcorp).

Transcorp announced on Monday that HH Capital has obtained the necessary approvals from the Securities and Exchange Commission to make the tender offer, equivalent to 0.02% of the issued and fully paid ordinary shares in Transcorp, at 0.25% premium to the opening price of the ordinary shares of Transcorp as of the opening date, for each unit of ordinary shares tendered.

It pointed out that on April 28, 2023, HH Capital purchased 1,493,477,786 ordinary shares of Transcorp at a weighted average price of N3.12 per share.

“This transaction increased the direct and indirect cumulative shareholdings of HH Capital (including shares held by related parties – Tony O. Elumelu CFR, Dr. (Mrs.) Awele Vivien Elumelu OFR and Heirs Holdings Limited) to 35.94% of the share capital of Transcorp, hence triggering the mandatory tender offer provisions of the Investment and Securities Act, 2007 (as amended) and the Rules and Regulations of the Securities and Exchange Commission, 2013 (as amended),” Transcorp said.