THE Securities and Exchange Commission SEC has granted an approval-in-principle to the proposed merger of the power business subsidiaries of Transnational Corporation of Nigeria Plc, the 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,” Transcorp said in a notice to the Nigerian Stock Exchange (NSE).
According to the company, the proposed merger is expected to bring over all management and operational efficiency to the power business of Transcorp.