{"id":368169,"date":"2011-04-05T00:05:00","date_gmt":"2011-04-05T00:05:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/05\/heirs-foundation-acquires-stake-intranscorp\/"},"modified":"2011-04-05T00:05:00","modified_gmt":"2011-04-05T00:05:00","slug":"heirs-foundation-acquires-stake-intranscorp","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/05\/heirs-foundation-acquires-stake-intranscorp\/","title":{"rendered":"Heirs Foundation acquires stake inTranscorp"},"content":{"rendered":"
\n

Heirs Holdings Limited, owned by the immediate past Group Managing Director of United Bank for Africa Plc, Tony Elumelu, has acquired a strategic stake in Transnational Corporation of Nigeria (Transcorp) Plc, through HH Capital.<\/span><\/p>\n

A statement last night from Director, Marketing and Corporate Communications, Heirs Holdings Ltd., JeNika P. Mukoro, \u00a0said:<\/span><\/p>\n

\u201cWe are pleased to announce that in pursuance of our strategy of creating value and catalyzing the economic growth of Africa, through our long-term investment approach, Heirs Holdings Limited, through HH Capital, has acquired a strategic stake in Transnational Corporation of Nigeria (Transcorp) Plc.<\/span><\/p>\n

\u201cTranscorp shareholders will benefit from the Heirs Holdings track record of value-creation, particularly smaller shareholders who subscribed to the original vision of the company as a means of mass participation in Nigeria\u2019s economic success.\u201d<\/span><\/p>\n

Heirs Holdings said it has structured its investment to ensure that all shareholders will continue to participate in the listed company and benefit from the considerable upside believed to be represented in Transcorp.<\/span><\/p>\n

\u201cOur Chairman, Tony O. Elumelu who was a founding director and investor believes strongly in the founding vision of Transcorp as a means for Nigerians to access the abundant economic opportunities present in the country, through the capital markets. \u00a0Heirs Holdings will engage positively with the board and management of Transcorp, so the transformation we envisage for the company can be implemented and conducted in a spirit of cooperation, for the greater good of all shareholders.<\/span><\/p>\n

\u201cHeirs Holdings will continue to identify similar opportunities across Africa, which we believe will enable us to achieve our ambition of building exceptional value for all of our stakeholders and fellow shareholders.<\/span><\/p>\n

Heirs Holdings is a principal investment vehicle, with a diversified portfolio, including interests in the financial services, real estate and resources sectors.\u00a0<\/span><\/p>\n

The Securities and Exchange Commission (SEC) is probing the alleged abuse in the sale of the shares of Transcorp.<\/span><\/p>\n

SEC spokesman Lanre Oloyi yesterday told The Nation that the Commission received a petition from Transcorp, stating the alleged abuse of the sale of its shares. He said the commission was looking into the issue to establish the perpetrators.<\/span><\/p>\n

On March 31, 2011, 2.51 billion units of Transcorp Plc shares, representing 10 per cent of the company\u2019s issued share capital of 25 billion ordinary shares were traded in a single day without any notification to the two regulators (SEC and the Nigerian Stock Exchange), which is against the rules governing the market.<\/span><\/p>\n

\u00a0\u201cBrokers are aware that certain volumes of shares are not allowed; they are to report to the SEC. We are looking into the matter. The rule of the game is to report to the commission. The volume traded is huge and this is beyond ordinary notification, a detailed report should be submitted,\u201d Oloyi said.<\/span><\/p>\n

The NSE is said to have seen the matter as a major abuse which will be investigated.<\/span><\/p>\n

The Chief Executive Officer of Lambert Securities Limited, Mr David Adonri, said it was a major discussion on the floor of the Exchange.<\/span><\/p>\n

Adonri said market operators were surprised that Transcorp was not aware of the deal. \u201cThe broker should have informed the regulators before consummating such a deal. If that did not happen and a major deal occurred, the regulators were supposed to call the attention of the dealing member to obtain more information,\u201d he said.<\/span><\/p>\n<\/p><\/div>\n<\/p>\n

<\/p>\n

See more here:
\nHeirs Foundation acquires stake inTranscorp<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Heirs Holdings Limited, owned by the immediate past Group Managing Director of United Bank for Africa Plc, Tony Elumelu, has acquired a strategic stake in Transnational Corporation of Nigeria (Transcorp) Plc, through HH Capital. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-368169","post","type-post","status-publish","format-standard"],"yoast_head":"\nHeirs Foundation acquires stake inTranscorp - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/05\/heirs-foundation-acquires-stake-intranscorp\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Heirs Foundation acquires stake inTranscorp - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Heirs Holdings Limited, owned by the immediate past Group Managing Director of United Bank for Africa Plc, Tony Elumelu, has acquired a strategic stake in Transnational Corporation of Nigeria (Transcorp) Plc, through HH Capital.\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/0dff754fthumbnail.php_35.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/05\/heirs-foundation-acquires-stake-intranscorp\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/05\/heirs-foundation-acquires-stake-intranscorp\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Heirs Foundation acquires stake inTranscorp\",\"datePublished\":\"2011-04-05T00:05:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/05\/heirs-foundation-acquires-stake-intranscorp\/\"},\"wordCount\":561,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/05\/heirs-foundation-acquires-stake-intranscorp\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/0dff754fthumbnail.php_35.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/04\/05\/heirs-foundation-acquires-stake-intranscorp\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/05\/heirs-foundation-acquires-stake-intranscorp\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/04\/05\/heirs-foundation-acquires-stake-intranscorp\/\",\"name\":\"Heirs Foundation acquires stake inTranscorp - 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