Transcorp Power Plc lost an additional 10% of its market value when one of its directors sold shares on the Nigerian Exchange floor in the previous week.
Its share price has fallen after it paused from continuing its upward trend due to market liquidity constraints. Transcorp Power Plc’s directors are still selling shares to create liquidity for investors looking to trade the utilities stock on the market.
According to the most recent data from the Nigerian Exchange, the power generation company’s market value decreased substantially, from N335.20 to N301.70 per share.
Equities investors priced the power generating company’s 7.5 billion shares outstanding in the market at N2.262 trillion, according to details from the equities market.
At the current market value, Transcorp Power Plc is trading at about 22% discount to its higher price since it listed by introduction.
Details from the local bourse revealed that Non-Executive Director Indirect Shareholder through Woodrock Energy Resources Limited sold 5,652,911 units at the rate of N335.20 per share
The company told the Nigerian Exchange that the sale of Transcorp Power shares was to provide liquidity for its listing by Introduction.
