The directors of Transcorp Power Plc have continued to make gains from the share price increase of the stock after it was listed on the floor of the Nigeria Exchange.
The listing was celebrated on March 4, 2024, with a Closing Gong ceremony and a “Facts Behind the Listing” presentation. Transcorp Power gained 10 percent on the first day of trading, to close at N264 per share, up from the listing price of N240 per share.
On Monday, the share price of the energy company rose to N368.8 per share.
It translates to a gain per share of about N129 in about one week.
Two directors, Peter Hertog and Risqua Muhammed in separate transactions sold a total of 3.7 million shares of the company on Friday last week at N351.3 per share, translating to a gain of N111.3 per unit.
On aggregate, both shareholders would make a gain of about N412 million.
Meanwhile, the reason for the offload as disclosed to the NGX was to create liquidity for the stock.
Transcorp Power on listing boosted the valuation of the NGX by N1.8trn, positioning it as the second most valuable power company on the exchange, automatically qualifying it to join the SWOOTs (stocks worth over one trillion naira).
