Transcorp Hotels to Raise ₦9.9 billion Rights Issue strengthen its balance sheet

Must Read

PepsiCo Elects Segun Agbaje To Board Of Director

PepsiCo, Inc. (NASDAQ: PEP) today announced its Board of Directors has elected Segun Agbaje as an independent member of...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Transcorp Hotels Plc is raising ₦9.9 billion through a rights issue to strengthen its balance sheet. It will issue 2.7 billion units of shares at ₦3.76. Following a ₦686.6 million loss in Q1 2020 from a profitable position in the same period last year, a successful rights issue could ease current challenges.

Shareholders of the company unanimously approved the company’s plan to raise the sum of ₦9.9 billion through a rights issue.

In live streaming, the shareholders gave the approval at the company’s Extra-Ordinary General (EGM) in Lagos on Monday.

The shareholders mandated the company’s board of directors to issue up to 2,659,574,468 ordinary shares of 50k each from its un-issued share capital by way of the rights issue at ₦3.76 per share.

The rights issue would be on the basis of seven new ordinary shares for every 20 ordinary shares of 50k each held by existing shareholders of the company.

- Advertisement -

They also authorised the Directors to appoint advisers and professional parties necessary for the transactions contemplated in the rights circular, upon such terms and conditions that the directors may deem appropriate.

The shareholders authorised the Board of Directors to take all actions as they might deem necessary or advisable to effect the purpose and intent of the foregoing resolutions.

Read Also:  Corporate Trends: GTBank - Bridging the gap

According to them, this includes without limitation the approval of the basis of allotment, allocation of proceeds of the shares issued, filing of any required documentation with the Securities and Exchange Commission, the Nigerian Stock Exchange and the Corporate Affairs Commission or any other regulatory authorities.

Emmanuel Nnorom, the company’s Chairman, who spoke at the meeting, said the rights issue was still subject to obtaining required regulatory approvals from the SEC and other regulatory authorities.

- Advertisement -

Nnorom, who commended the shareholders for their support and encouragement, assured them of enhanced value creation.

Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.

- Advertisement -
Transcorp Hotels to Raise ₦9.9 billion Rights Issue strengthen its balance sheetTranscorp Hotels to Raise ₦9.9 billion Rights Issue strengthen its balance sheet

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Transcorp Hotels to Raise ₦9.9 billion Rights Issue strengthen its balance sheetTranscorp Hotels to Raise ₦9.9 billion Rights Issue strengthen its balance sheet

Latest News

71% of house owners lack proof of ownership in Nigeria – NBS

71% of households do not have evidence to prove the ownership of their homes, according to the Nigeria Living...

Only 5.7% of Nigerian households received remittances from abroad – NBS

Only 5.7% of households in Nigeria were recipients of remittances from international sources between 2018 and 2019, while 52.7% of Nigerian households received their...

Union Dicon Salt, Medview Airline and 11 Others Default in Post First Deficiency Notification For Q1 2020 UFS

The Nigerian Stock Exchange hereby informs the general public that the companies listed below have failed to comply with The Exchange's directive to issue...

Kachi Onubogu promised a balanced representation in the NIMN council

The Chief Executive Officer of Frutta Juice and Services, Dr Onyekachi Onubogu, has pledged to serve as a bridge between the Town and Gown,...

New Music, ‘Jeff’ by Nosir debuts

Spade Gospel Entertainment (SGE) is excited to declare the release of the new song from Nosir, titled, Jeff. The song is available for listening on YouTube...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Transcorp Hotels to Raise ₦9.9 billion Rights Issue strengthen its balance sheetTranscorp Hotels to Raise ₦9.9 billion Rights Issue strengthen its balance sheet