Transcorp Repositions for Growth, Holds 6th Annual General Meeting

Transnational Corporation of Nigeria Plc (Transcorp) held its 6th Annual General Meeting (AGM) on Friday, May 4, at the Congress Hall of the Transcorp Hilton Hotel, Abuja. The conglomerate announced a strong improvement in its operating and financial performance as it begins to experience the benefits of recent changes made in its strategic direction and key management, along with a renewed focus on corporate governance. Representatives of Transcorp’s 300,000 shareholders attended the meeting and approved. the audited financial statements for the year ended December 31, 2011. Mr. Tony O. Elumelu, MFR, Chairman of Transcorp, informed shareholders that during the year, the conglomerate took several significant steps in its key sectors of Agri-business, Energy and Hospitality – that would no doubt see Transcorp taking its rightful place as a key player in the economic development and transformation of Nigeria. “Transcorp’s agribusiness subsidiary, Teragro Ltd, inaugurated, in collaboration with the Benue state government, a first-of-its-kind fruit juice concentrate plant in Makurdi, in March this year,” he said. “Commissioned by President Goodluck Jonathan, the plant has the annual capacity to process 26,500 metric tonnes of oranges, mangoes and pineapples, turning them into juice concentrate that will be supplied to ready-to-drink juice manufacturers in Nigeria and beyond. This plant will contribute tremendously to increased employment, the utilisation of local produce, as well as serve as a domestic supply substitute for indigenous manufacturers.” “I am excited and optimistic about Nigeria’s coming of age,” Mr. Elumelu said. “Now is the time to become fully engaged in transformational investments that create economic prosperity and social wealth by increasing employment and enhancing the quality of life for all Nigerians.” For more on this news,please visit our Investor Relations Page.