Lagos: September 25th, 2014: The Board and Management of Transcorp Hotels Plc (“Transcorp Hotels”) held a “Facts behind the Offer” presentation at The Nigerian Stock Exchange today in connection to its Initial Public Offering of 800,000,000 ordinary shares of 50 kobo each at N10 per share. The offer which commenced on the 25th of September is expected to close on October 17, 2014.
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation of Nigeria Plc (Transcorp). The company’s vision is to create maximum and sustainable value for stakeholders, as well as to build Africa’s choice hospitality assets underpinned by excellence, entrepreneurship and execution.
Transcorp Hotels will focus on Nigerian expansion in the short to the mid-term and thereafter develop a strong African footprint in high population and competitive cities. Over the next five years, the company will take a phased approach in developing high-end hotels and apartments in prime locations, including Ikoyi, Port Harcourt and Abuja.
In addition to the new developments, the Transcorp Hotels has also commenced the facelift of the Transcorp Hilton Hotel, Abuja with a view to consolidating its position as the premier hotel destination in Nigeria. This will involve the modernization of the hotels core facilities for which the Company plans to spend approximately US$57.5 million (N9.2 billion) over the next three years. The funding for this will be sourced from the Company’s internal operating cash flows.
As a part of the company’s growth strategy, Transcorp Hotels is undergoing an Initial Public Offering to raise fresh funds from the capital market to support the development of two hotels in ikoyi, Lagos and Port Harcourt, Rivers state. The offering will be followed by a listing of the entire shares of the company on the Nigerian Stock Exchange.
Transcorp Hotels Plc is the owner /operator of the most prestigious hotel in Nigeria, with the strong cash flows and a superior brand image. The hotel is also the winner of the World Travel Awards Hotel Award for 2013 and 2014..
Speaking at the event, Mr Valentine Ozigbo, MD/CEO Transcorp Hotels Plc mentioned; ”The Nigerian hospitality industry is fast becoming more competitive with the presence of international brands in recent years. We have a strong brand and success story in Nigeria as well as good long term relationships with established suppliers in Nigeria.. These, coupled with our partnership with the Hilton Worldwide for management of our facilities, opens up a large opportunity for our proposed developments in the high density areas of Nigeria to attract a considerable portion of business travel and tourist traffic which should translate to adequate guest patronage.
Also at the event, Emmanuel Nnorom, the President/ CEO of Transnational Corporation of Nigeria Plc noted; “We are very proud of this achievement, the first initial public offering of one of our subsidiary businesses in Nigeria. The offering illustrates our continued drive to create value to our shareholders, by unlocking the value of the existing assets in our subsidiary and growing exponentially.
Notes to editors:
Transcorp Hotels Plc
Transcorp Hotels PLC is the hospitality subsidiary of Transnational Corporation of Nigeria Plc (“Transcorp Plc”). The Company owns and operates Transcorp Hilton Hotels, Abuja, which provides luxury accommodation, exotic cuisines, meeting rooms and leisure facilities to business travellers and tourists from all over the world. The Company acquired in 2012 and holds 100% interest in Transcorp Hotels Calabar Limited , which owns and operates the Transcorp Hotel in Calabar.
Transnational Corporation of Nigeria Plc
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors. The Company’s portfolio comprises strategic investments in the hospitality, agribusiness and energy sectors. Our businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels Calabar; Ughelli Power Plc, Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; and the oil block OPL 281.
For more information please visit our website www.transcorphotelsplc.com.
For further information:
Transnational Corporation Of Nigeria Plc
Dupe Kupoluyi Olusola
+234 1 9033946-50