The Securities and Exchange Commission (SEC) has approved a one-week extension for the Transnational Corporation of Nigeria (Transcorp) rights issue to enable wider shareholder participation.
Transcorp is issuing 12.906 billion shares of 50 kobo each at N1 per share via rights issue to raise fresh funds to finance its power projects.
The issue was expected to close May 31. However, following the application by the company, the commission approved that the acceptance period for the offer be extended to June 7, which is this Friday.
Transcorp Consortium had emerged the highest and preferred bidder for the Ughelli Power Plc under the federal government’s power privatisation exercise.
And the proceeds of the right issue (about N13 billion) would be used to fund the acquisition.
Thisday: Transcorp Extends N13bn Rights Issue