Otedola exits Transcorp weeks after acquiring shares
Femi Otedola, a billionaire from Nigeria, has sold his stake in Transcorp Corporation Plc, an indigenous conglomerate, just weeks after acquiring a substantial stake.
According to a report , Otedola sold his 6.62 percent stake in Transcorp after reaching an agreement with the conglomerate’s chairman, Tony Elumelu, following negotiations between the two parties.
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According to the report, the negotiations that led to the agreement were brief and cordial because both parties believed that going their separate ways was in their best interest.
This occurs just hours after Elumelu and Otedola publicly agreed to work together to advance Transcorp’s interests. Sources indicate that the company’s attention was diverted by the struggle for control of the company’s stock, thereby paving the way for the decision to part ways.
The transaction was completed at the Transcorp Plc market price as of Thursday, according to the explanation. Thursday’s closing share price for Transcorp was N3.12 per share.
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The battle for control of Transcorp began when Otedola acquired a 5.52 percent stake in the conglomerate, making him its second-largest shareholder. With the purchase of additional shares, Otedola’s stakes increased to greater than six percent.
Elumelu increased his stake in the company from 2.07 percent to 25.58 percent on Thursday via HH Capital Limited, where he is a director, thereby surpassing Otedola’s stake.
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