The stake of Nigerian multimillionaire Tony Elumelu in the publicly traded diversified conglomerate Transnational Corporation of Nigeria Plc (Transcorp) has gained $245,447 (N100.875 million) since March 31.
Elumelu is the chairman of Heirs Holdings, the United Bank for Africa and Transcorp, as well as the founder of the Tony Elumelu Foundation (TEF).
The businessman and philanthropist holds a total indirect and direct stake of 840,632,956 ordinary shares in Transcorp.
Data tracked on the Nigerian Stock Exchange revealed that the value of his stake has increased from $1.595 million (N655.693 million) to $1.840 million (N756.569 million) between March 31 and July 2, following the increase in the company’s share price. This translates to a gain of $245,447 (N100.875 million) for the multimillionaire in 93 days.
Transcorp is a leading conglomerate focused on acquiring and managing strategic businesses that create long-term value for shareholders, while delivering a positive socio-economic impact to the country.
Transcorp’s energy subsidiary, Transcorp Energy Limited, recently announced plans to build Nigeria’s first nuclear power plants. The move aligns with the company’s plans to boost its integrated energy strategy, while serving as an alternative energy source to improve access to electricity.
As of press time, 11:30 am (UTC+1), shares in the conglomerate with interests in hospitality, agribusiness and energy were trading at $0.00219 (N0.90), or 7.22-percent lower than its opening price of $0.00236 (N0.97) per share for the year.
The share price rose from $0.00190 (N0.78) on March 31 to $0.00219 (N0.90) on July 2, translating to a 15.38-percent increase.
In response, the company’s market capitalization increased by $11.868 million (N4.877 billion) to $89.012 million (N36.583 billion), returning impressive gains for shareholders who have not sold off shares in the company since March 31.
