Better days appear to be here for resurgent Transnational Corporation of Nigeria Plc (Transcorp). The market capitalisation of the has shot skywards by about 54% from N35.4 billion to N54.6 billion, further securing its place as one of the most capitalised stocks on the Nigerian Stock Exchange (NSE), Lagos.

Transcorp’s President/CEO, Mr. Obinna Ufudo, dropped this good news yesterday while announcing the official listing of the company’s Rights Issue of 12,906,999,142 ordinary shares on the floor of the NSE.

He disclosed that the Rights Issue was 132.08% subscribed, thus confirming the unflinching support and trust reposed in the current Board and Management of the company by its shareholders. All excess monies and interest accrued thereon have been returned to the subscribers.

“We thank our shareholders for this significant show of support of our turnaround initiatives. The funds raised further strengthen our ability to conclude existing transactions and initiate new investments in line with our vision. The future just got brighter for the company and our 300,000 shareholders,” Ufudo said in a statement made available to News Express.

He said that “in line with the Rights circular, the funds raised will be used mainly to refinance the company’s investments in the acquisition of Ughelli Power Plc and deepening its play in the Hospitality and Oil and Gas sectors.”

Transcorp, through its subsidiary, Transcorp Ughelli Power Limited, owns the $300 million Ughelli Power Plant acquired under the privatisation of the Nigerian power assets by the Federal Government. The company is also embarking on new hospitality projects in Lagos while refurbishing and expanding the Transcorp Hilton Hotel, Abuja.

•File photo shows (L-R) NSE CEO Oscar Onyema; Transcorp CEO, Obinna Ufudo and Chief of Staff/ Head, Corporate Division, Bola Adeeko, during the Bell Ringing Ceremony of Transcorp.