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Transcorp’s shares hit 28 months high

By on April 11, 2011

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 early last week.

A cursory look at the daily trading summary of the NSE showed that the stock had consistently gained the maximum five per cent allowed by the market regulator, closing at N1.27 early last week.

Transcorp shares 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 were of the view that the trend portended a good sign for shareholders of the company.

Heirs Holdings, in a statement signed by JeNika P. Mukoro, Director, Marketing and Corporate Communications, 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 was in pursuant of Heirs Holdings’ strategy of creating value and catalysing the economic growth of Africa through its long-term investment approach.

The statement further noted that Transcorp’s shareholders, particularly smaller shareholders who subscribed to the original vision of the company as a means of mass participation in Nigeria’s economic success, would benefit from Heirs Holdings’ track record of value-creation.

According to her, Heirs Holdings Ltd. will collaborate 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.

source : Tribune