Transnational Corporation of Nigeria on Thursday said it has not yet received formal notification of interest in the acquisition of its shares.Transcorp
Reports claimed Wednesday that businessman Femi Otedola had purchased a 5.5 per cent stake in Lagos-based Transcorp by way of an off-market deal, making the billionaire the second biggest shareholder in the firm. Any share purchase of at least 5 per cent in a company is considered as substantial shareholding and must be disclosed to the Nigerian Exchange immediately according to the bourse’s rulebook.
Shares in Transcorp had already appreciated by 10 per cent at 14:09 WAT on Lagos’ Customs Street on Wednesday following a rare buy pressure on the stock. The 10 per cent is the maximum daily gain allowed by the exchange.