Nigerian billionaire Femi Otedola sells 6.3% stake in Transcorp to chairman Tony Elumelu
Nigerian billionaire Femi Otedola has sold his 6.3% stake in Transnational Corporation Plc (Transcorp) to its chairman, Tony Elumelu.
On Thursday, Transcorp’s group chairman, Elumelu, purchased Otedola’s shares at the closing price using an options contract that will be paid in a series of installments over time.
Reportedly, both parties believed that reaching an agreement was in their best interests.
READ ALSO: Transcorp: Femi Otedola acquires 5.52% stake, becomes second largest shareholder
The negotiations leading up to the agreement were brief but friendly, as Otedola and Elumelu openly committed to collaborating to advance Transcorp’s objectives.
Following the sale, Transcorp announced that HH Capital Limited, a special-purpose vehicle owned by Elumelu, had increased its stake in the company to 25.58%.
In compliance with Chapter 17, Rule 17.13 of the NGX Issuers Rules, Transcorp stated: “Transnational Corporation Plc informs the NGX and the investing public of the below new acquisition of shares in the company. With this new acquisition, HH Capital Limited now holds 9,991,173,177 units, representing 25.58% of the company’s total shares.”
