- Transcorp Gets Shareholders’ Approval to Raise N40bn
Shareholders of Transcorp Hotels Plc have given approval to the management of the firm to raise the sum of N40bn for the upgrade the Transcorp Hilton Abuja.
The approval was given at the company’s fourth Annual General Meeting, which was held on Friday in Abuja.
The raising of the N40bn may be done either through the way of public offering, rights issue, private placement, bonds or any other method that the directors of the company deem fit.
The shareholders also gave approval for the payment of a final dividend of 12.5 kobo per share for the 2017 financial period.
They commended the management of the company for achieving an impressive financial and operational performance in the financial year despite the challenging economic climate, which took a toll on the hospitality business in the country.
Speaking at the event, the outgoing Chairman, Transcorp Hotels, O’tega Emerhor, acknowledged the challenging environment the company operated in.
“The company made a turnover of N12.9bn, gross profit of N9.5bn and profit after tax of N2.6bn. Revenue lost during the airport closure, cancellation of key foreign delegations and fewer number of rooms for sale due to the ongoing refurbishment of our hotel in Abuja affected the company’s performance during the year,” he stated.
On the outlook for the current year, Emerhor added, “The year 2018 portends to be interesting, being a pre-election year for the 2019 general elections. We intend to improve our revenue by adopting innovative strategies that will take advantage of potential increase in economic and political activities.”
In his review of the 2017 results, the Managing Director/Chief Executive Officer, Transcorp Hotels, Mr. Valentine Ozigbo, said that despite the unexpected shocks experienced in the year, including the impact of the six-week Abuja airport closure on the hotel’s operations and the closure of some floors for upgrade, the company was able to operate profitably during the period.
Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes
Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.
In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.
Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.
In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.
Portland Paints, Chemical and Allied Products Plc Agreed to Merge
Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.
In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).
Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.
“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.
“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”
Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17
Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.
The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.
It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.
The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.
A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.
In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.
“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.
Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.
“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.
“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”
Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.
News4 weeks ago
Heartbroken American Mistress Displays Dangote’s Buttocks in a Viral Video
Crude Oil4 weeks ago
Crude Oil Rose to Almost $52 Per Barrel After Trump Signs Stimulus Package
News4 weeks ago
FCMB Group MD Links to Death of Tunde Thomas, Husband of Married Staff He Fathered Her Kids
Investment2 weeks ago
London Real Estate Company for African Investors Announces its Launch
Finance4 weeks ago
President Buhari Increases Npower Budget by N365 Billion
Technology4 weeks ago
Chinese Government Goes After Jack Ma and Empire
Brands4 weeks ago
Prada’s Profits Drop by $219 Million, Sales in China Up by 60%
News4 weeks ago
Tunde Thomas: FCMB Commences Review Into Allegations of Unethical Behavior Against MD Nuru