Transnational Corporation Plc (Transcorp) has announced the successful completion of its share reconstruction, a strategic action aimed at maximising long-term shareholders value.
The share reconstruction involved a consolidation of the total number of issued shares at a ratio of 1 to 4, reducing the total issued and fully paid shares of Transcorp Group from 40.6 billion shares to 10.2 billion shares. Whilst the number of shares reduced pro rata, the total value of shareholders’ investments remains unchanged with no dilutive impact to shareholders.
Commenting on the share reconstruction, Owen D. Omogiafo OON, President/GCEO of Transcorp Plc said:
“This share reconstruction is in line with the Company’s corporate strategy and growth plan and is aimed at maximizing shareholder value. The reconstruction will bring the company’s capital structure to a manageable position.
Transcorp Plc remains committed to driving growth and creating value for its shareholders through strategic actions that align with its business objectives”.