Nairametrics has obtained official transaction data for the sale of Femi Otedola’s HH Capital Ltd to Elumelu’s HH Capital Ltd.
Mr. Otedola had previously sold his entire stake in the conglomerate to Elumelu, according to EntreprenuerNG. According to Nairametrics, the transaction was completed using the official market price at the end of trading on April 27th.
However, official data show that a total of 2,413.144,252 shares were sold as an off-market trade in three transactions. N3.12 was the official transaction price.
For HH Capital Ltd and Femi Otedola, the transaction was handled by United Capital Securities and APT Securities, respectively.
The official value of the sale is approximately N7.5 billion based on the selling price. When Nairametrics first announced Otedola’s 5.05% stake, the average price of the stock was N1.4 per share.
This implies that Otedola profited at least N4.1 billion from the transaction.
However, his profits could have been higher because his average cost of purchase was less than the N1.35 mentioned.
Meanwhile, Transcorp announced another share acquisition for HH Capital Ltd.
According to a press release, Elumelu’s SPV acquired an additional 1,999,784,273 units, bringing their total shareholding to 11,990,957,350 units, representing 29.5% of the Company’s total shares.
