Elumelu’s HH Capital Acquires 22.58% in Transcorp

Transnational Corporation Plc (Transcorp) has informed the Nigerian Exchange Limited (NGX) and the investing public of the acquisition of new shares by HH Capital LImited, owned  by billionaire investor Tony Elumelu.

HH Capital Limited is a company (Special Purpose Vehicle) which seems to be an acronym for Heirs Holdings.

According to a public search of the company, it reveals the directors of the company are Tony Elumelu, Awele Vivien Elumelu, Obinna Ufudo (former MD/CEO of Transcorp Plc), Samuel Nwanze, and Mathew Isonajo.

The details of the acquisition as of April 2, 2023 says HH Capital Limited acquired 9,697,189,984 units of shares. This brings their total holdings in Transcorp to 9,991,173,177 units which is a representation of 25.58% of the company total shares.

HH Capital Acquisition

The NGX website’s press release states that Transcorp Plc says that HH Capital purchased 1,843,008,604 units @ N1.856,552, another 167,522 units @N2.45.

Additionally, it stated that purchases of 16,38,209 units @2.69, 1,039,399,05 units @2.95 and 245,876,592 at various prices which totalled to 9,697,189,979 were part of the transactions between April 19 to April 25, 2023.

However, it is unclear if UBA Nominees which were the majority shareholder of Transcorp Plc will retain their shareholding or if part of it was crossed to HH Capital Limited.

Transcorp Plc earlier announced Femi Otedola purchased a further 228,384,959 shares of the company which add up to the 55.05% he already owns.