Femi Otedola, the Chairman of Geregu Power, has sold his 6.3% stake in Transnational Corporation Plc (Transcorp) to Tony Elumelu, the Group Chairman of Transcorp, according to BusinessDay.
Elumelu bought the shares at Transcorp’s closing price on Thursday, using an options contract to be paid in installments over time.
According to BusinessDay, “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.”
On Thursday, Transcorp announced that HH Capital Limited, a special purpose vehicle (SPV) owned by Elumelu, increased its stake in the conglomerate to 25.58 percent.
“In compliance with Chapter 17, Rule 17.13 of the NGX Issuers Rules, Transnational Corporation Plc (the Company) hereby informs the NGX and the investing public of the below new acquisition of shares in the company,” Transcorp said.
“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.”
