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NSE lists Transcorp Hotel shares, as 52.3% IPO shares subscribed

By Peter Egwuatu

BY PETER EGWUATU

The Nigerian Stock Exchange, NSE, yesterday listed the entire issued shares of 7.6 billion of Transcorp Hotel Plc at N10 per share, even as investors subscribed 52.3 per cent of the company’s Initial Public Offering, IPO.

File photo: The  floor of Stock exchange
File photo: The floor of Stock exchange

Speaking during the listing of the shares on the exchange, the Managing Director, BGL Securities Limited, Mr. Peter Adebola said “ Transcorp Hotel IPO was 52.3 per cent subscribed valued at N4.2 billion. The offer had opened for subscription on September closed on October 2014. It is a good thing that the company’s shares would now be traded on the exchange and with the plan to pay shareholders who subscribed to the IPO dividend, it is a good development that will make investors patronize the shares.

The Managing Director/CEO, Transcorp Hotel Plc, Mr. Valentine Ozigbo said “The company offered 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. We are going to pay dividend for the 2014 financial year and those who subscribed to the just concluded IPO will benefit from it

“Continuing, he said “ Transcorp Hote is the hospitality subsidiary of Transnational Corporation of Nigeria Plc (“Transcorp Plc”) and owns and operates the Transcorp Hilton Abuja and the Transcorp Hotels Calabar. The Company’s vision is to be the premier hospitality company in Africa, creating maximum and sustainable value for stakeholders, as well as to build Africa’s choice hospitality assets underpinned by excellence entrepreneurship and execution.

Ozigbo noted; “Nigeria’s hospitality industry is experiencing significant growth, with major demand for expanded capacity and enhanced quality and service. Transcorp Hotel 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. 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.”

 


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