Transcorp extends offer by 2 weeks
February 2nd, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
The ongoing initial public offering by Transnational Corporation of Nigeria Plc will be extended till February 15, 2007, as Nigerians in the diaspora pledged to stake more funds on the company through the offer.
Transcorp is offering eight billion ordinary shares of 50kobo per share at N7.50 per share to raise about N60bn.
The offer, which opened on December 27, 2006, was originally meant to close on Wednesday, January 31. However, the Executive Director, Operations, Transcorp, Mr. Nicholas Okoye, confirmed on Monday, that the offer would be extended by two weeks.
According to him, the extension will make up for the nine working days lost to public holidays within the period of the offer, adding, “Besides, some investors that were willing to invest in the offer and could not do so due to one reason or the other, have asked for an extension.”
“Again, given the results of our road shows to the United States and United Kingdom, we found the need to extend the offer to allow investors in the diaspora complete the application and payment processes.”
Information obtained showed that investors in the US have indicated interest to invest more in the company.
The Group Managing Director, Transcorp, Mr. Bernard Longe, said the foreign road shows were put together to allow Nigerians in the diaspora ask questions and seek clarifications about the operations of the mega corporation.
He assured low networth investors at home and in the diaspora that the allotment of the N60bn IPO would be done in their favor.
According to him, the company would be used as the vehicle that would reposition Nigeria as an economic powerhouse within Africa, ready to compete in the global market.
Speaking on the financials and the projections made in the offer document, Okoye said the targets would be met, especially as investors could look forward to a robust share price appreciation in the short term.
He said the directors did not include the earnings from the oil prospecting arm of Transcorp until the hydro-carbon finds would have been certified and exploitation was set to begin.
(No Ratings Yet)
Loading ...