Transnational Corporation of Nigeria Plc (Transcorp) says it has completed the acquisition of Afam Power Plc and Afam III Fast Power, taking installed capacity to nearly 2,000 megawatts.
Mr Tony Elumelu, the Chairman of Transcorp, disclosed this at the Group’s 15th Annual General Meeting held at the Transcorp Hilton, Abuja.
Describing 2020 as a challenging year, he said:“It was a difficult year, but we adapted, proved resilience and continued to invest – delivering the $300m Afam acquisitions in the middle of the pandemic, illustrated our unwavering commitment to the Group’s success.
“Our team added value across our portfolio. In the power sector, the Group completed the acquisition of Afam Power Plc and Afam III Fast Power, taking installed capacity to nearly 2,000MW.
“This acquisition demonstrated the Group’s long-term strategy to create value and deliver robust power supply across Africa.
“In oil and gas, the group is driving forward investment in OPL 281 and participated in the acquisition of OML17.’’
On the hospitality industry, Elumelu said a new digital platform — Aura by Transcorp Hotels which is set to redefine hospitality standards, was launched.
Elumelu thanked the shareholders for their continued support and promised that the group would continue to execute its expansion in line with its mission of improving lives and transforming Nigeria.
On the success of the group’s sustainable expansion strategy, the Chairman said: “Transcorp has an extremely bright future. We have experienced an extraordinary transformation, from a narrow focus on hospitality, to our disciplined expansion across key sectors.
“Today, Transcorp has diversified its interest into the power and oil and gas sectors, emerging as a key player in the energy sector – we are the leading listed investor across these critical sectors.”
Mrs Owen Omogiafo, the President/Group CEO of Transcorp promised to continue to re-invent and leverage on opportunities to attain the vision of improving lives and transforming Nigeria.
“Moving into the future, we shall continue to expand, invest, and build the brand of the company sustainably as we believe that there is a lot of value trapped within Transcorp that needs to be unleashed and recognized by the market,’’ she said.
Earlier, the shareholders of Nigeria’s leading diversified conglomerate, Transcorp have renewed their confidence in the board and management of the corporation and also commended it for declaring dividends in spite of negative impact of the COVID-19 pandemic.
The shareholders also expressed satisfaction with the significant advances in the Group’s integrated energy strategy with the acquisition of Afam Power Plant Plc and Afam III Fast Power Ltd, thereby delivering on the promise to power Nigeria and change lives.
They lauded the resilience and dedication of the board and management despite the challenging global environment in the hospitality subsidiary.
Transcorp is a publicly quoted conglomerate with a diversified shareholder base of over 300,000. The portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors.
The portfolio also includes Transcorp Hilton, Abuja, Transcorp Hotels, Calabar, Transcorp Power Ltd, Trans-Afam Power Ltd, Transcorp Energy and the recently launched digital hospitality platform, Aura by Transcorp Hotels.