Transcorp Lists At NSE, Seeks N800m Capitalisation

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The Transcorp Hotels Plc
(THP) was yesterday listed at the floor of the Nigerian Stock Exchange (NSE) seeking a capitalisation of N800 million on public offer.
THP which was formerly Transnational Hotels and Tourism Services Limited on September 21st 2014 got the approval of the company’s Board of Directors for an  Initial Public Offer (IPO) of N800 million ordinary shares.
Following the boards approval,  the ordinary shares of 50 kobo each was offered  at N10.00 per share on subscription.
The Managing Director and Chief Executive Officer (CEO) of THP, Mr. Valentine Ozigbo, said that Nigeria’s hospitality industry is experiencing significant growth, with major demand for expanded capacity and enhanced quality service.
He said that THP is ideally positioned  as the existing owner of the largest  number of hotel  rooms in Nigeria, adding that the hotel is also partnering  with Hilton Worldwide to leverage the  capitalisation demand.
According to the MD, the offer  which opens today September 24th  2014 would close on September 30th, 2014.
The Transcorp boss said that fund would be used to part-finance  its expansion projects, especially the construction of two new flagship hotels in Ikoyi (Lagos and  Port Harcourt.
Ozigbo also noted that oneof the reasons for  the board’s consideration is because the hotel in Abuja  is considered a national asset, saying  that the IPO would avail everyone in the country the opportunity to be  part owners.
The president  and CEO of Transcorp Plc, said that the existing  shareholders and members of the public should be excited by this positive development to open up ownership of what is widely regarded as the most strategic piece of real estate in Nigeria, adding that the company is already known for its track record healthy track record, healthy finances and strong corporate governance.