The Nation Newspaper

Tag: Transcorp

  • NSE gives Union Bank, Transcorp, four others more time on shareholding restructuring

    Authorities at the Nigerian Stock Exchange (NSE) have granted six companies further extension of the deadline to restructure their share capital in a way to dilute the overconcentration of shares and free more shares for minority shareholders.

    This followed an exclusive report by The Nation a fortnight ago that 13 listed companies had failed NSE’s main listing requirement of free float and were trading below the minimum volume of shares required for retail shareholdings and general public trading on their shares.

    The Nation had reported that 13 companies had free float deficiencies, a major infraction that may adversely affect liquidity and efficient price discovery.

    A regulatory report obtained yesterday showed that six of the 13 companies have been granted extended deadlines to restructure their share capital while seven companies remain in default of the earlier deadlines granted to them.

    The six companies that have received waivers and extended deadlines include Union Bank of Nigeria (UBN) Plc, Transcorp Hotels Plc, Infinity Trust Mortgage Plc, Great Nigeria Insurance Plc, E-Tranzact International Plc and AG Leventis (Nigeria) Plc.

    The seven companies in default of the earlier deadline include Capital Hotel Plc, Chellarams Plc, The Tourist Company of Nigeria Plc, Interlinked Technology Plc, Caverton Offshore Support Group Plc, Ekocorp Plc and Champion Breweries.

    The trio of UBN, Transcorp Hotels and Great Nigeria Insurance were given extended deadline of May 18, 2020 while AG Leventis, E-Tranzact International and Infinity Trust Mortgage were given up till October 19, 2020, May 17, 2019 and May 17, 2021 respectively.

    A source in the know of the approval process said the extension of the deadline was sequel to applications by the directors of the affected companies, seeking waiver and further extension of the timeline for the dilution of the share structure.

    The source said the companies had cited prevailing market conditions and corporate procedures for their inabilities to meet the previous deadlines.

    Free float, otherwise known as public float, refers to the number of shares of a quoted company held by ordinary shareholders other than those directly or indirectly held by its parent, subsidiary or associate companies or any subsidiaries or associates of its parent company; its directors who are holding office as directors of the entity and their close family members and any single individual or institutional shareholder holding a statutorily significant stake, which is 5.0 per cent and above in Nigeria.

    Thus, free float’s shares do not include shares held directly or indirectly by any officer, director, controlling shareholder or other concentrated, affiliated or family holdings.

    Stock markets maintain minimum public float to prevent undue concentration of securities in the hands of the core investors and related interests, a situation that can make the stock to be susceptible to price manipulation. Besides, it provides the general investing public with opportunity to reasonably partake in the wealth creation by private enterprises.

    Companies listed on the Exchange are required to maintain a minimum free float for the set standards under which they are listed in order to ensure that there is an orderly and liquid market in their securities. The free float requirement for companies on the main board is 20 per cent of market capitalisation while companies on the premium board are required to have free float of 20 per cent or above N40 billion on the date the Exchange receives the company’s application to list. Companies on the third tier board, otherwise known as Alternative Securities Market (ASEM) are required to have 15 per cent free float.

    According to the report, Union Bank of Nigeria has a free float of 14.94 per cent; Capital Hotel, 2.62 per cent; Great Nigerian Insurance, 16.0 per cent; Chellarams, 15.0 per cent; AG Leventis, 11.64 per cent; Interlinked Technology, 14.50 per cent; Infinity Trust Mortgage, 3.50 per cent; Transcorp Hotels, 6.0 per cent; Ekocorp, 11.84 per cent; Champion Breweries, 17.30 per cent; Caverton Offshore Support Group, 17.40 per cent; The Tourist Company of Nigeria Plc, 3.58 per cent and E-Tranzact International Plc, which has a free float of 10.06 per cent.

    Failure by the companies to restructure their share capital at the expiration of the deadline or secure extension of the deadline may lead to delisting of their shares from the NSE. Free float deadline is usually in deference to application by the management of a company for some period to comply with the free float. However, the company is required to provide quarterly disclosure report to the NSE on the efforts being made to fully comply by the deadline.

    By the expiration of the deadline, a company is mandatorily required to have completed partial divestments or dilution of the ‘non-public’ shareholdings to free  the required percentage of equity stake for public holding, unless the management of the NSE grants fresh waivers and extensions for the companies. In the extreme instance, a company with deficient public float may opt to delist its shares.

  • Shareholders laud Transcorp’s turnaround

    Shareholders of Transnational Corporation of Nigeria (Transcorp) Plc have commended the board and management of the conglomerate for the turnaround of the group from a loss position to profitability. Transcorp witnessed considerable growths in turnover and profitability in 2017, pulling back from a pre-tax loss of N5.93 billion in 2016 to a pre-tax profit of N12.31 billion in 2017.

    At the annual general meeting yesterday in Lagos, shareholders unanimously approved the payment of N812.96 million as cash dividend for the 2017 business year, as recommended by the board of the conglomerate. Shareholders will receive a dividend per share of 2.0 kobo.

    National President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, said the leadership of the company has shown strong commitment to wealth creation for shareholders.

    According to him, the management of the conglomerate has kept to their words of delivering superior returns to the shareholders as promised at the previous general meeting.

    “We are very pleased with this turnaround, and we trust that the company will do all it can to uphold this,” Umar said.

    Chairman, New Dimension Shareholders Association, Mr. Patrick Ajudua also commended the management for returning the company to profitability and deciding to pay dividend to shareholders.

    He urged the directors of the conglomerate not to relent in their efforts to ensure that the conglomerate continues to surpass targets every year.

    Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu, said the improvement in the performance of the conglomerate reflected the underlying improvement in the Nigerian economy.

    According to him, Transcorp is a gauge of Nigeria’s economy as it was setup to drive the nation’s economy in a positive direction by investing in catalytic sectors, capable of improving lives and Transforming Nigeria.

    “When Transcorp is doing well, you don’t have to check to see if Nigeria is also doing well. Their journeys are intertwined,” Elumelu said.

    He assured shareholders that strategic initiatives implemented in 2017 have laid firm foundation for continuous growths in the years ahead.

    He pointed out that achieving excellence in the execution of the group’s identified strategic imperatives remains critical to its success as an organisation as this continues to position it for several opportunities in the economy and adequately insulate it from any challenges within the operating environment.

    He said the group would explore its oil & gas assets to enhance performance in the years ahead while also leveraging on the oil and gas assets to maximize Transcorp’s potential in the power generation space.

    “The plan is for Transcorp Power to continue expanding its generating capacity and contribute even more to the national grid despite already emerging as Nigeria’s highest generator of Power,” Elumelu said.

    He noted that the group has successfully obtained NNPC’s approval for extension of the Phase 1 Exploration Period for its OPL 281 PSC, which has given it additional time to fulfill work commitments, including drilling of the appraisal wells, under the first Phase of the PSC.

    “We are positive that further engagement with investors will lead to effective execution of OPL 281work obligations, as approved under the PSC,” Elumelu said.

    In his remarks, Chief Executive Officer, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Adim Jibunoh assured shareholders that the conglomerate will deliver better returns in the years ahead.

    He outlined that the company has been involved in a number of projects which will ensure that shareholders begin to enjoy real value for their investment in the next few years.

    “We will continue to be driven by our values of execution, enterprises and excellence and will ensure optimal maximisation of opportunities in our operating sectors, and indeed other sectors with openings for opportunistic investments,” Jibunoh said.

    Key extracts of the audited report and accounts of Transcorp for the year ended December 31, 2017 showed that turnover rose by 35 per cent from N59.42 billion in 2016 to N80.28 billion in 2017. Gross profit increased by 21 per cent to N36.42 billion in 2017 compared with N30.17 billion in 2016. Operating profit increased by 25 per cent from N20.72 billion in 2016 to N26.03 billion in 2017.

    Foreign exchange loss reduced to N4.55 billion in 2017 as against N18.7 billion in 2016 while net finance cost also improved from N26.64 billion to N13.73 billion.

    The company made provisions for N1.7 billion taxes in 2017 compared with tax credit of N4.80 billion received in 2016. With these, it reversed from a loss before tax of N5.93 billion in 2016 to profit before tax of N12.3 billion in 2017. After, taxes, net profit stood at N10.61 billion in 2017 as against net loss of N1.13 billion in 2016.

    The balance sheet position of the conglomerate also improved in 2017 as total assets rose by 23 per cent to N285.52 billion in 2017 as against N232.16 billion in 2016. Shareholders’ funds rose by 11 per cent from N86.45 billion in 2016 to N95.71 billion in 2017.

  • Transcorp rebounds with N12.3b profit

    Transnational Corporation of Nigeria (Transcorp) Plc witnessed considerable growth in turnover and profitability last year, pulling back from a pre-tax loss of N5.93 billion in 2016 to a pre-tax profit of N12.31 billion in 2017.

    Key extracts of the audited report and accounts of Transcorp for the year ended December 31, 2017 released at the weekend showed that turnover rose by 35 per cent from N59.42 billion in 2016 to N80.28 billion in 2017. Gross profit increased by 21 per cent to N36.42 billion in 2017 compared with N30.17 billion in 2016. Operating profit increased by 25 per cent from N20.72 billion in 2016 to N26.03 billion in 2017.

    Foreign exchange loss reduced to N4.55 billion in 2017 as against N18.7 billion in 2016 while net finance cost also improved from N26.64 billion to N13.73 billion. The company made provisions for N1.7 billion taxes in 2017 compared with tax credit of N4.80 billion received in 2016. With these, it reversed from a loss before tax of N5.93 billion in 2016 to profit before tax of N12.3 billion in 2017. After, taxes, net profit stood at N10.61 billion in 2017 as against net loss of N1.13 billion in 2016.

    The balance sheet position of the conglomerate also improved in 2017 as total assets rose by 23 per cent to N285.52 billion in 2017 as against N232.16 billion in 2016. Shareholders’ funds rose by 11 per cent from N86.45 billion in 2016 to N95.71 billion in 2017.

    Transcorp Chief Executive Officer, Mr. Adim Jibunoh said the profit was largely as a result of increase in power generation by Transcorp Power Limited due to improved gas supply and increased generation capacity.

    According to him, capacity increased from 505 megawatts to 701 megawatts during the year as capacity increase was achieved through carefully planned maintenance programme for power generation assets and tactical engagement with stakeholders.

    He added that the group’s hospitality business remained resilient, posting stronger year-on-year performance as it continued to maintain market leadership with occupancy levels that were way ahead of competition.

    He pointed out that the group’s second hotel, Transcorp Hotel, Calabar continued its strong performance, achieving profitability for two consecutive years.

    “We are confident of improved fundamentals going forward, as we increase our available generation capacity to above 800 megawatts by year-end taking advantage of improving gas situation. We expect to benefit from the upside of the new improved infrastructure upon completion of our upgrade project in Transcorp Hilton Abuja. The upgrade project is currently on track,” Jibunoh said.

    Transcorp’s group strategic investments include power, hospitality, agribusiness and oil and gas sectors.

    The group’s notable businesses are Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Transcorp Power Plc, Teragro Commodities Limitedand Transcorp Energy Limited.

     

  • Transcorp sustains growth with N9b profit in Q3

    Transnational Corporation of Nigeria Plc (Transcorp) Plc recorded considerable improvement in its overall return outlook in the third quarter as the conglomerate drew on improved top-line and operating efficiency to return to positive bottom-line.

    Key extracts of the interim report and accounts of Transcorp for the nine-month period ended September 30, 2017 showed that the group’s turnover rose by 35 per cent from N41.92 billion in third quarter 2016 to N56.76 billion in third quarter 2017. Gross profit rose by 45 per cent from N19.84 billion in 2016 to N25.62 billion in 2017. Operating profit stood at N16.81 billion compared with N11.58 billion in comparable period of 2016.

    With better finance cost management, net finance cost declined considerably to N7.77 billion in 2017 as against N24.37 billion in 2016. Profit before tax thus improved to N9.04 billion in third quarter 2017 as against pre-tax loss of N12.7 billion recorded in third quarter 2016. After taxes, net profit recovered to N8.2 billion in 2017 as against net loss of N14.21 billion in corresponding period of 2016.

    President, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Adim Jibunoh, said the third quarter performance highlighted a significant improvement in the group’s operations.

    According to him, the result was achieved largely through improved and sustained production capacity in the power business as a result of improvements in gas supply amongst other initiatives and the positive outlook in the hospitality business.

    “Our power plant has consistently ranked as the number one power producer in the country for third quarter 2017 and we are on track for a stronger performance in fourth quarter 2017, as we progress plans to increase our available capacity,” Jibunoh said.

    He added that improvements in general economic activity in Abuja on the back of implementation of 2017 budget and return to operations of newly upgraded room stocks will boost occupancy and top line performance for Transcorp Hotels in the months ahead.

    Jibunoh had earlier assured the investing public that the conglomerate would deliver better returns in the current business year.

    He noted that the conglomerate would deliver better returns in 2017 given the growths across its business segments.

    He said the conglomerate has been investing in its businesses in the hospitality, power and oil and gas sectors because of its strong faith in the economy.

    He said the conglomerate was working on becoming the biggest provider of electric power in the country.

    “The shareholders will be happy this year as something good will come out as a return to them,” Jibunoh said.

    Transcorp, owned by more than 300,000 shareholders, has a vast business portfolio that comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. The group’s notable businesses include Transcorp Hilton  Hotel, Abuja; Transcorp Hotels Calabar; Transcorp Power Limited, owner of 972 megawatts power plant, Teragro Commodities Limited, operator of Teragro Benfruit plant-Nigeria’s first-of-its-kind juice concentrate plant; and Transcorp Energy Limited.

  • Transcorp grows Q3 profit by 158%

    Transcorp grows Q3 profit by 158%

    Transnational Corporation of Nigeria Plc (Transcorp), an investment conglomerate, has announced financial results for its third quarter ended September 30, 2017. The Group Profit after Tax (PAT) for Q3 2017 improved by 158 per cent Year on Year (YoY) to N8.2billion.

    Its income statement showed revenue of N56.76billion, significant growth from N41.92billion and a 35 per cent growth YoY. Its gross profit improved from N19.84billion in Q3 2016 to N25.62billion (45 per cent YoY) in Q3 2017 along with operating profit of N16.81billion compared to N11,58billion reported Q3 last year.

    Transcorp’s net finance cost for Q3 2017 stood at N7.77billion, down from N24.37billion in Q3 2016 while profit before tax was N9.04billion marking a significant recovery from reported loss of N12.7billion in Q3 2016.

     

     

  • Transcorp bounces back with N4.5b profit in first half

    Transnational Corporation of Nigeria (Transcorp) Plc witnessed a major improvement in its performance in the first half with a top-down growth that saw increases in sales and profitability.

    Key extracts of the interim report and accounts for the half-year ended June 30, 2017 showed that Transcorp grew its turnover by 37.9 per cent to N34.17 billion in first half 2017 as against N24.78 billion recorded in comparable period of 2016. Gross profit rose from N11.46 billion in 2016 to N14.87 billion in 2017.

    The conglomerate recorded a pre-tax profit of N4.53 billion in first half 2017 compared with a pre-tax loss of N11.21 billion in first half 2016. After taxes, net profit stood at N4.16 billion in 2017 as against net loss of N12.19 billion in corresponding period of 2016. With these, earnings per share recovered from a loss of N16.56 in 2016 to a positive earning of 3.87 kobo in 2017.

    Transcorp jumped to the front of the rally at the Nigerian stock market as the half-year results filtered into the market. Transcorp recorded the highest gain of 8.05 per cent at the Nigerian Stock Exchange (NSE) on Monday, adding 12 kobo to close at N1.61 per share.

    The board of Transcorp had assured shareholders and other stakeholders that the investments made by the corporation in key sectors of the Nigerian economy will provide stable earnings and better returns in the years ahead.

    Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu, in his address to shareholders of the company at the yearly general meeting recently, said the company remained committed to increasing yield and returns to shareholders, while continuing its significant capital investment strategy.

    He outlined that the companies under the Transcorp Group have made significant progress and are uniquely positioned to impact the Nigerian economy positively.

    He said the group’s investments in the key strategic sectors of the Nigerian economy directly align with its philosophy of meaningfully and positively impacting lives and transforming the African continent.

    “We invest for the long term, knowing that at times the headwinds can be strong. We want to be the biggest provider of power to the Nigerian economy; we want to put light in homes, schools and hospitals; we want to provide the power for Nigeria’s industrialisation. When foreign investors come to Nigeria, we want to host them in our Transcorp Hilton hotels; and we want to supply indigenous produced oil and gas to power our networks and roads. Throughout 2016, we have continued to invest in Nigeria, when others waivered, because we are absolutely  convinced in Nigeria’s destiny as the next global economic powerhouse,” Elumelu said.

    He noted that the recent commissioning of the 115 megawatts gas turbine at the group’s Ughelli Power Plant, Nigeria’s largest capacity gas generating plant, was an evidence of the progress made by the group in the power sector, despite regulatory and operating challenges.

    He outlined other important developments at the company to include the impending increase of available capacity of the Ughelli Power Plant to 850 megawatts by the end of 2017; the $100 million renovation of the Transcorp Hilton Abuja, also to be completed in 2017; and the conclusion of exploratory drilling of Transcorp’s oil well , before the end of 2017.

    “Transcorp’s future is bright, with the completion of these projects and we look forward to sharing the social equity these investments will create in Nigeria in the form of jobs, community empowerment, and improved quality of life,” Elumelu said.

  • Transcorp grosses N15.8b in Q1

    Transcorp grosses N15.8b in Q1

    Transnational Corporation of Nigeria Plc (Transcorp) Plc recorded considerable improvements in its performance in the first quarter of 2017 as turnover rose by 20 per cent to N15.77 billion.
    Key extracts of the interim report and accounts of Transcorp for the three-month period ended March 31, 2017 showed that group’s total revenue increased to N15.8 billion in first quarter 2017 compared with N13.19 billion recorded in comparable period of 2016. Gross profit rose by 17 per cent to N6.94 billion in 2017 as against N5.91 billion in 2016. Operating profit also grew by 30 per cent to N4.23 billion compared with N3.25 billion. Profit before tax increased marginally from N1.72 billion to N1.73 billion. After taxes, net profit stood at N1.49 billion in first quarter of the year as against N1.21 billion in first quarter 2016, representing an increase of 24 per cent.
    Chief Executive Officer, Transnational Corporation of Nigeria (Transcorp) PLC, Mr. Emmanuel Nnorom said Transcorp’s resilient performance was drawn from the diversity of its various business offerings.
    He noted that while the closure of the Abuja Airport negatively affected occupancy for the group’s hotel business, the overall performance was buoyed growth in its power business following improvements in gas supply.
    “We expect to recover the lost ground brought on by the Abuja airport closure in second quarter 2017. The reopening of the airport will pave the way for aggressive marketing that will improve traffic and occupancy at Transcorp Hotels. In addition we expect to see continued improvement in our power sector revenue as gas supply stabilises following the increased capacity of our plant arising from the recent commissioning of Gas Turbine 15,” Nnorom said.
    Transcorp, owned by more than 300,000 shareholders, has a vast business portfolio that comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors. The group’s notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels Calabar; Transcorp Power Limited, owner of 972 megawatts power plant, Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; and Transcorp Energy Limited.

  • Board of Transcorp appoints new CEO

    Board of Transcorp appoints new CEO

    Transnational Corporation of Nigeria Plc, has named Adim Jibunoh as its new President/Chief Executive Officer.

    Jibunoh will succeed Emmanuel Nnorom, who has been appointed President of Heirs Holdings, the Lagos based pan-African investment firm. Mr Jibunoh, who is currently Director, Business Development at Heirs Holdings, a strategic investor in Transcorp, will commence his position beginning June 2017.

    Adim Jibunoh, a First-Class graduate in economics from the University of Port Harcourt, has spent seven years at Heirs Holdings, holding a series of senior positions and has a background in banking, serving as an Executive Director of Standard Trust Bank Plc and Chief Executive Officer of Continental Trust Bank. He is also a non-executive director of Avon HMO and Heirs Insurance Brokers , other  members of the Heirs Holdings group of companies.

    Commenting on the new appointment, Chairman, Heirs Holdings and Transcorp, Mr. Tony O. Elumelu, said:

    “Adim has made a considerable contribution towards the growth of Heirs Holdings. He is highly respected within the Group and has a record of outstanding leadership and the ability to innovate and execute.

    Jibunoh expressed his commitment to helping Transcorp reach its strategic objectives. He stated that he will continue to work and live by the company’s values of “execution, enterprise and excellence”, while honouring the Group’s commitment to creating jobs, community empowerment, and improving the quality of life of all Nigerians.

  • Transcorp makes Top 500

    Transcorp makes Top 500

    Transnational Corporation of Nigeria (Transcorp) is on the list of Africa’s top 500 companies recently released by The Africa Report (February 2017 issue).

    The Africa Report is a leading news magazine publication owned by Paris-based media group, Jeune Afrique.

    The list is compiled yearly with each company listed assessed based on total turnover as well as net profits. Despite the recent economic challenges in the country, Transcorp has continued to focus on improving lives and transforming Nigeria as it joins the list of Africa’s stellar performers.

    According to Transcorp Plc. President/CEO, Emmanuel Nnorom, the recognition is  welcomed and has become prove that it is possible to be financially profitable when  focus is on the best interest of the country and the people. Nnorom also noted that Transcorp has been recognised as one of Africa’s top 500 companies despite the fact that its investments are currently situated in the country only.

    A handful of notable Nigerian companies also appeared on this year’s list of Africa’s best including Dangote, and Nigeria Breweries.

  • Transcorp: Our investments will bring better returns

    The board of Transnational Corporation of Nigeria (Transcorp) Plc has assured shareholders and other stakeholders that investments made by the corporation in key sectors of the nation’s economy will provide stable earnings and better returns in the years ahead.

    Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu, in his address to shareholders of the company at the yearly general meeting, said the company remained committed to increasing yield and returns to shareholders, while continuing its significant capital investment strategy.

    He outlined that the companies under the Transcorp Group have made significant progress and are uniquely positioned to impact the Nigerian economy positively.

    He said the group’s investments in the key strategic sectors of the Nigerian economy directly align with its philosophy of meaningfully and positively impacting lives and transforming the African continent.

    “We invest for the long term, knowing that at times the headwinds can be strong. We want to be the biggest provider of power to the Nigerian economy; we want to put light in homes, schools and hospitals; we want to provide the power for Nigeria’s industrialisation. When foreign investors come to Nigeria, we want to host them in our Transcorp Hilton hotels; and we want to supply indigenous produced oil and gas to power our networks and roads. Throughout 2016, we have continued to invest in Nigeria, when others waivered, because we are absolutely  convinced in Nigeria’s destiny as the next global economic powerhouse,” Elumelu said.

    He noted that the inuaguration of the 115 megawatts gas turbine at the group’s Ughelli Power Plant, Nigeria’s largest capacity gas generating plant, was an evidence of the progress made by the group in the power sector, despite regulatory and operating challenges.

    He outlined other important developments at the company to include the impending increase of available capacity of the Ughelli Power Plant to 850 megawatts by the end of 2017; the $100 million renovation of the Transcorp Hilton Abuja, also to be completed in 2017; and the conclusion of exploratory drilling of Transcorp’s oil well , before the end of 2017.

    “Transcorp’s future is bright, with the completion of these projects and we look forward to sharing the social equity these investments will create in Nigeria in the form of jobs, community empowerment, and improved quality of life,” Elumelu said.

    In his remarks, Chief Executive Officer, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Emmanuel Nnorom, said the management would continue to work to achieve strong financial results, despite a challenging operating environment.

    “We will continue to work and live by our values of execution, enterprise and excellence, towards optimal maximisation of the abundant opportunities that exist in our operating sectors,” Nnorom said.

    He reiterated that the outlook for the company in 2017 is bright, with better results in 2017 and beyond.

    He pointed out that the considerable investments made by the group were already yielding fruits.

    Shareholders commended the board and management of the company.

    President, Association for the Advancement of the Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, who commended what he described as the impressive vision for the future for Transcorp, despite the difficult economic conditions, which impacted negatively on the company in 2016, assured that the shareholders will continue to stand with the board in its determination to return the company to profitability.

    He called on the Federal Government to act on the structural issues in the power sector, which had contributed negatively to the company’s profitability in 2016.