June 14, (THEWILL) – Nigerian billionaire businessman, Tony Elumelu and his family, have raised their stake in Transnational Corporation Plc (Transcorp) to more than one-third, according to a report seen by this newspaper.
This has taken their combined interest in the conglomerate to 14.6 billion shares.
At a market price of N3.53 per share on Wednesday, June 14, 2023, the Elumelus’ stake in Transcorp comes to over N51.6 billion.
The billionaire businessman, his relatives, his fully-owned investment firm, HH Capital, and the family-owned investment company, Heirs Holdings, now hold at least a 36 per cent stake between them, according to reports.
The latest transactions taking the family’s holding to that level variously occurred on 5 June, when Awele Elumelu, wife of Mr Elumelu, bought 7.4 million shares in the firm.
That was worth N22 million, according to the details of a note published by the NGX Tuesday.
The share price of Nigeria’s biggest listed conglomerate, Transcorp, which has investments in energy, hospitality and power, has surged nearly three times this year, making it the 5th best-performing stock of the 156 stocks quoted on the Nigerian bourse.
Transcorp generates all its revenues within the country, according to its 2022 audited earnings report.
Last Month, the conglomerate acquired Abuja Electricity Distribution Company from United Bank for Africa (UBA), which took over the power distributor more than two years earlier over a $122 million debt. Mr Elumelu holds the biggest stake in UBA, which he also chairs.
A breakdown of The Elumelu family stake in Transcorp shows the following:
Tony Elumelu
273.104 million shares held as of 31 December 2022.
Total Shareholding: 273.104 million
HH Capital Limited
293.983 million shares held as of 31 December 2022
9.697 billion shares bought @ various prices from 19 to 25 April 2023.
2 billion shares bought @ various prices on 27 April 2023.
Total Shareholding: 11.991 billion
HH Holdings Limited
273.546 million shares held as of 31 December 2022.
Total Shareholding: 273.546 million
Awele Elumelu
2.063 billion shares bought on 2 and 5 May 2023 @ N3.12 per unit totalling N6.4 billion
7.373 million shares bought on 5 June 2023 @ various prices for N22 million
5.674 million shares bought on 4 May 2022 @ various prices for N6.7 million
35,675 shares bought on 9 May 2022 @ N1.20 per unit for N42,810
Total Shareholding: 2.069 billion shares
Nneka Elumelu
3.462 million shares bought on 4 May 2022 @ various prices totalling N4 million
21,178 shares bought on 9 May 2022 @ N1.20 per unit for N25,414
Total Shareholding: 3.483 million
Ogochukwu Elumelu
4.135 million shares bought on 4 May 2022 @ N1.18 per unit for N4.879 million.
Total Shareholding: 4.135 million
Ogechukwu Elumelu
4.159 million shares bought on 4 May 2022 @ N1.18 per unit totalling N4.9 million.
Total Shareholding: 4.159 million
Ugochukwu Elumelu
3.409 million shares bought on 4 May 2022 @ various prices for N4 million
17,799 shares bought on 9 May 2022 @ 1.2 per unit for N21,359
Total Shareholding: 3.427 million
Onyekachukwu Elumelu
437,570 shares bought on 4 May 2022 @ N1.18 per unit for N516,333
Total Shareholding: 437,570
Onyinye Elumelu
3.446 million shares bought on 4 May 2022 at various prices for N4 million
3,821 shares bought on 9 May 2022 @ 1.20 per unit for N4,585
Total Shareholding: 3.450 million
Elumelu Toby Onyemaechi
Four hundred forty-four thousand eight hundred twenty-four shares were bought on 4 May 2022 at various prices for N514,241.
1,481 shares bought on 9 May 2022 @ 1.20 for N1,777
Total Shareholding: 446,305
Grand Total: 14.626 billion
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
