Transcorp Shares Hit 28-Month High As Heirs Holdings Acquires Significant Stake

Source: THEWILL. -

SAN FRANCISCO, April 05, (THEWILL) - News of the acquisition of significant stake in Transcorp by Heirs Holdings, the principal investment vehicle, with a diversified portfolio, including interests in the financial services, real estate and resources sectors, is driving up the share price of the company on the Nigerian Stock Exchange.

Transcorp which has interests in hotels, agriculture, oil and gas is quoted in the Conglomerate sub-sector of the Nigerian Stock Exchange (NSE) and has become the toast of investors in the market rallying to a 28-month high after the close of trading on Tuesday. A cursory look

at the daily trading summary of the NSE showed that the stock has consistently gained the maximum 5 percent allowed by the market regulator, closing at N1.27 on Tuesday.

Indeed, Transcorp shares had moved from a low of N1.01 per unit to N1.11 last Thursday when a total of 2.508 billion shares were traded in 65 deals. Analysts are of the view that the trend portends a good sign for shareholders of the company.

Heirs Holdings in a statement on Monday night signed by JeNika P. Mukoro, Director, Marketing and Corporate Communications, Heirs Holdings Ltd., revealed that it had invested into Transcorp, ending speculations about the huge volume of transaction on the stock last week Thursday. The statement said the investment is in pursuant of Heirs Holdings’ strategy of creating value and catalyzing the economic growth of Africa through its long term investment approach.

The statement further noted that Transcorp shareholders will benefit from Heirs Holdings’ track record of value-creation, particularly smaller shareholders who subscribed to the original vision of the company as a means of mass participation in Nigeria’s economic success. According to her, Heirs Holdings Ltd. will engage positively with the board and management of Transcorp, so that the transformation envisaged for the company can be implemented and conducted in a spirit of cooperation, for the greater good of all shareholders.