{"id":104517,"date":"2023-04-29T11:37:20","date_gmt":"2023-04-29T10:37:20","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=104517"},"modified":"2023-04-29T11:37:20","modified_gmt":"2023-04-29T10:37:20","slug":"femi-otedola-sells-transcorp-stake-to-tony-elumelu","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/femi-otedola-sells-transcorp-stake-to-tony-elumelu\/","title":{"rendered":"Femi Otedola sells Transcorp stake to Tony Elumelu"},"content":{"rendered":"
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Femi Otedola, chairman of Geregu Power, has exited his 6.3 percent stake in Transnational Corporation Plc (Transcorp), a diversified conglomerate with investments in the power, hospitality and energy sectors.<\/div>\n
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According to a Pointblank\u00a0news.com<\/a>\u00a0source, Otedola sold his shares to Tony Elumelu, group chairman of Transcorp.<\/div>\n
Otedola announcement of the sale of his 6.3 per cent stake in Transcorp earlier in the week caught many key investors unawares.<\/div>\n
The source said Elumelu purchased Otedola shares using Transcorp\u2019s closing price on Thursday at an options contract due to be paid in a series of installments over time.\u201cBoth 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\u2019s objectives,\u201d the sources were quoted as saying.<\/p>\n

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.<\/p>\n

\u201cIn 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,\u201d Transcorp said.<\/p>\n

\u201cWith this new acquisition, HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58 percent of the company\u2019s total shares.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Femi Otedola, chairman of Geregu Power, has exited his 6.3 percent stake in Transnational Corporation Plc (Transcorp), a diversified conglomerate with investments in the power, hospitality and energy sectors. According…<\/p>\n","protected":false},"author":1,"featured_media":104519,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-104517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nFemi Otedola sells Transcorp stake to Tony Elumelu - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/femi-otedola-sells-transcorp-stake-to-tony-elumelu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Femi Otedola sells Transcorp stake to Tony Elumelu - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Femi Otedola, chairman of Geregu Power, has exited his 6.3 percent stake in Transnational Corporation Plc (Transcorp), a diversified conglomerate with investments in the power, hospitality and energy sectors. 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