Since it was formed in 2005, Transnational Corporation Plc. has entered three sectors: telecommunications, energy and hospitality. In line with our short-term strategy articulated by the Chairman of the Board, Dr. Ndi Okereke-Onyiuke, in April 2006, TransCorp has acquired stakes in a number of companies that were offered for sale by the Nigerian government in its privatization program. TransCorp's choice of growth through acquisitions has been informed by the need for entry and rapid growth in our business focus areas. While we remain committed to growing companies from the bottom, at this stage TransCorp’s focus will be on the companies that we acquire through the privatization process and target companies that we are interested in outside that process.

 

In each case where we have acquired a company, we have brought in competent professionals and turn around experts to manage, reduce waste, improve efficiency, raise earnings, meet targets and map out a growth plan for the future. Based on the results that we have already observed, we are reassured that this is the right approach to creating and returning value to our shareholders.

 

TransCorp also participated in the 2006 oil mini-bid round, which was organized by the Department of Petroleum Resources (DPR). We made successful bids and won two of these.