Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Investments push Transcorp shares up

18 November 2013, 20:23

Lagos - The Transnational Corporation of Nigeria's (Transcorp) share price has surged on the back of significant investments the company has made in key local sectors of the economy in recent months.

The company’s share price opened on Monday at N3.00 up from 50 kobo not more than two years ago.

Chairman of Transcorp, Tony Elumelu, said following major acquisitions in power and agribusiness, new initiatives in its hotel and tourism business and the commencement of production from its existing oil block, Transcorp shareholders were already reaping rewards.

According to Elumelu, Transcorp has since the conclusion and listing of the rights issue, made several important business decisions which will have significant impact on its fortunes.

Some of the strategic initiatives he outlined include, the completion of the acquisition of 100 percent equity stake in the 1000MW capacity Ughelli Power Plc through its subsidiary – Transcorp Ughelli Power Ltd (TUPL).

TUPL paid N48.3 billion for the complete ownership of the plant.

TUPL has successfully taken over ownership and physical possession of the plant and plans to raise the output from the current 160MW to at least 1,500MW over the next three to five years.
Further significant progress was shown with the signing of an agreement with Hilton Worldwide to commence the development of a 300 room five-star hotel in Ikoyi, Lagos.

This project will commence in the first quarter of 2014 and will be completed in 30 months.

The hotel is the first of eight new internationally-branded hotels Transcorp plans to build over the next few years.

Transcorp has also completed the acquisition of a site in Port Harcourt for the development of another 300 room five star hotel. The company’s flagship hotel brand, the Transcorp Hilton in Abuja is also undergoing an upgrade.

He said Transcorp’s existing oil block, OPL 281, will begin production before the end of 2014.

Elumelu thanked the company’s shareholders for their support and assured them of further opportunities ahead.

“We have put in place a world class management team and are committed to developing the synergies between our natural resources portfolio and our power interests, creating an integrated energy approach that directly links Nigeria’s natural resource wealth to the daily needs of our people.”

 – CAJ News


Read News24’s Comments Policy

Comment on this story
1 comment
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...