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Business Nigeria: Transcorp Hotels to Raise N8bn via IPO



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The Board of directors of Transcorp Hotels Plc (“THP”), formerly Transnational Hotels and Tourism Services Limited, has conduction of its Initial Public Offering (IPO) and list its shares on the Nigerian Stock Exchange.

THP is offering 800,000,000 ordinary shares of 50 kobo each at N10.00 per share for subscription. The proceeds of the offer will be used to part-finance its expansion projects specifically the construction of two new flagship hotels in Ikoyi, Lagos and Port Harcourt, as part of its broader expansion plans.

The offer for subscription, will open on September 24 and close on September 30 ,2014. The company is expected to raise N8 billion at the close of the offer.

Managing Director and Chief Executie Officer of he company, Mr. Valentine Ozigbo, the Managing Director and CEO of THP, stated that Nigeria’s hospitality industry is experiencing significant growth, with major demand for expanded capacity and enhanced quality and service, adding that THP is ideally positioned, as the existing owner of the largest number of hotel rooms in Nigeria, and partnered with one of the world’s most prestigious hotel brands, Hilton Worldwide, to leverage this demand, Daily Independent says.

His words: “The proceeds of this offer will be used to fund the development of two new Transcorp Hilton hotels, one in Ikoyi, Lagos, and the second in Port Harcourt, with both due for completion in 2017. We are delighted to be able to offer the Nigerian public the opportunity to participate in our future success. This offer reiterates our commitment to creating sustainable value for all stakeholders”.

#Transcorp #Nigeria #Lagos #DailyIndependent

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