Nigeria’s Transcorp shares worth $44MN traded in off-market deals


 Shares in Nigerian conglomerate Transcorp, representing about 28 percent of the company and valued at 14.2 billion naira ($44.4 mln) were traded in cross-deals at 1.26 naira each on Thursday, according to a stock exchange announcement.

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Transcorp has interests in hotels, power generation, and agribusiness.

There were seven deals involving 11.27 million shares traded off-market and executed by United Capital Securities, the announcement from the Lagos stock market said.

It was not immediately clear who bought and sold the shares. Transcorp is majority owned by privately-held investment firm Heirs Holding, backed by ex-banker Tony Elumelu.

Transcorp stock fell 2.16 percent to 1.36 naira on Thursday.

The company was not available for comment.

($1 = 320.00 naira)

Reporting by Chijioke Ohuocha