NSE lifts suspension on Transcorp

Friday Ekeoba, Lagos - 05.03.2008

THE Nigerian Stock Exchange (NSE) has lifted the technical suspension placed on the shares of Transnational Corporation of Nigeria in the wake of the reversal of the sale of Nigerian Telecommunications Limited (NITEL) and M-tel by the Federal Government.

Also on Tuesday, investors in the capital market heaved a sigh of relief over the positive impact of the government action and the NSE’s decision on the Transcorp shares.

It will be recalled that the Federal Government had last Friday revoked the sale of NITEL/ M-tel wherein Transcorp has a controlling of shares.

The NSE had said that the technical suspension was placed to enable the exchange to get further information from Transcorp and at the same time protect investors’ interest in the company.

With this development, transaction in the shares of Transcorp would now be on a daily basis. Transcorp has about 250,000 investors of which a majority of them are Nigerians.