Transcorp to Raise N10 Billion from the Capital Market

Transcorp Hotels Plc is seeking to raise N10 billion from the nation’s capital market, according to the application submitted to authorities of the Nigerian Stock Exchange (NSE) for approval.

The hotels and tourism company is seeking approval to raise N10 billion in new equity funds from existing shareholders.

The company plans to raise the fund through the issuance of 2.66 billion ordinary shares of 50 kobo each at N3.76 per share to prequalified shareholders.

The rights will be pre-allotted to existing shareholders on the basis of seven new ordinary shares for every 20 ordinary shares of 50 kobo each held as at July 13.

The shares will be issued from the authorised share capital of the company which is currently at N7.50 billion of 15 billion ordinary shares of 50 kobo each. Post-offer fully paid-up share capital will be N5.13 billion of 10.26 billion ordinary shares of 50 kobo each.

Mrs. Dupe Olusola, the Managing Director, Transcorp Hotels Plc, stated that the company’s good track record of excellent service delivery has helped position it as the first among the rest.

She said, “We are not resting on our oars but working round the clock to innovate new products and services to further delight our guests, notable of such is the launch of asset-light strategies to deepen our hospitality footprints across Africa.”