By Peter Egwuatu
THE shareholders of Transnational Corporation of Nigeria, Transcorp, have unanimously approved its Board of Directors recommendation of a final dividend of 40kobo per share stating that they are confident that as the company continues to make progress it will not relent in meeting their expectations.
The shareholders at the 3rd Annual General Meeting, AGM, held in Abuja told the Board that they expect higher dividend next year as the economic situation of the country improves.
Speaking on behalf of shareholders at the meeting, Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria, PSAN, expressed appreciation to the bank’s board and management for paying dividend at a period when the country’s economy is in dire straits, leading to significant drop in hotel occupancy.
He said, “At a time when a lot of companies prefer to cut dividend with a ready excuse in the current state of the economy, we are delighted that our company has paid dividend which will go a long way in meeting our financial needs”.
Also speaking, Alhaji Muktar Muktar, President, Trusted Shareholders Association, commended Transcorp for what he termed a stellar financial performance amid a challenging period and the dividend payout which he said was equally laudable.
According to Muktar, Transcorp has not relented on its oars and has continued to shine brightly delivering world class service to an ever growing clientele of top notch guests across the world. Little wonder it has consistently won numerous awards and most recently bagged a long list of honors in 2016 that will make even its competitors go green with envy. “We are proud of this achievement and encourage the Managing Director, MD and its board to continue in this direction”.
At this point, the shareholders gave a standing ovation to the MD for not just winning the Seven Stars 2016 CEO of the Year at a global event, but for also leading Transcorp Hilton to win Seven Stars Seal of Excellence Award for the first time.
Chairman of the company, Mr. Olorogun O’tega Emerhor explained to shareholders that the strong performance recorded by the company is because the company continued to reinvent its offerings, keeping with service excellence. He noted that the company was relentless in maintaining market leadership in its flagship property, closing the year with an occupancy rate of 60% well ahead of competition.
This according to him ensured Transcorp delivered a resilient performance even in the face of the impact of economic recession concerning the hospitality industry which has seen occupancy for large hotels drop below 35%.