Tony Elumelu, Chairman, Transcorp Plc. |
We learnt
that Transcorp Ughelli Power is a wholly owned special purpose vehicle of the Transcorp
Plc whereas Ughelli Power Plc is the owner and operator of the Ughelli Power
Plant.
In a letter
dated Friday, August 7, 2015, which was signed by the Company Secretary of
Transcorp Ughelli Power Plant Limited, Mr.
Chinedu Eze, and addressed to the Nigerian Stock Exchange’s Chief
Executive Officer, Mr. Oscar Onyema,
Transcorp Plc informed the Exchange of
the plan and its approval in principle by the Security Exchange Commission.
The letter
read in part: “The Securities and Exchange Commission
on August 6, 2015 granted an approval-in-principle to the proposed merger of
the power business subsidiaries of Transnational Corporation of Nigeria Plc,
being Transcorp Ughelli Power Limited (a wholly owned SPV) and Ughelli Power
Plc (owner and operator of Ughelli Power Plant). The proposed merger is
expected to bring overall management and operational efficiency to the power
business of Transcorp.”
The letter
read that the next step for the merging subsidiaries of Transcorp would 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.
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