Tony Elumelu, the Chairman of Transcorp Corporation, has increased his stake in the conglomerate by 9,697,189,979 billion through HH Capital Limited, where he is a director.

The shares were bought at various prices in transactions that occurred between April 19 and 25. With this acquisition, HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58% of the group's total shares.

This move came shortly after businessman Femi Otedola bought stakes in the company and expressed his interest in working with management to tap the potential of the organization.

In response to the acquisition, Transcorp welcomed the continued expression of confidence in its leadership and management by the investing public. 

The company is committed to making strategic investments in key sectors within the Nigerian economy and contributing positively towards building prosperity for all.

Meanwhile, the NGX had been notified that Otedola had bought additional 228,384,959 units of the shares of the group, bumping his percentage stake in Transcorp higher than 5.52 per cent earlier reported.

Speaking on Otedola’s investment in Transcorp in an interview on Arise TV, Elumelu said, “He’s my very good friend. In fact I only follow two people on Instagram, my wife and Femi Otedola, that shows the level of friendship we have.

“He’s a man I admire and we call ourselves brothers. I welcome Femi, I call him FO or Ote-Dollar. I welcome his investment in Transcorp. We go on international roadshows and talk to investors to invest in our companies. I am happy to see an active indigenous investors community.”

Read more; https://punchng.com/elumelus-hh-capital-raises-stake-in-transcorp-to-26/