SEC Approves Proposed Merger of Transcorp’s Power Business Subsidiary Companies

Proshare

Monday, August 10, 2015/ 10.28 AM / NSE 


The Securities and Exchange Commission on 6th August,2015 granted an approval-in-principle to the proposed merger of the power business subsidiaries of Transnational Corporation of Nigeria Plc (“Transcorp”) being Transcrop Ughelli Power Limited (a Wholly-owned SPV)and Ughelli Power Plc (owner and operator of Ughelli Power Plant).


The next step of the merging subsidiaries of Transcrop will be to hold a court-ordered meeting in accordance with and subject to an order that will be granted by the Federal High Court for the meeting.


The proposed merger is expected to bring over all management and operational efficiency to the power business of Transcrop.

 

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