Transcorp Hotels N10b Rights Issue Offer is Officially Open

Transcorp Hotels N10b Rights Issue Offer is Officially Open

The Rights Issue of Transcorp Hotels Plc is officially open. The company is offering by way of rights 2,659,574,468 ordinary shares at 50kobo at N3.76 per share each.

The offer is open to shareholders (and other interested investors).

Transcorp Hotels, owners of Transcorp Hilton Abuja and Transcorp Hotels Calabar, is raising N10 billion through the issuance of 2.66 billion ordinary shares of 50 kobo each at N3.76 per share to prequalified shareholders. The rights were 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 Monday, July 13, 2020.

Transcorp Hotels N10b Rights Issue Offer is Officially Open

Acceptance list for the rights issue opened Monday, October 5, 2020 and will run till close of business on Wednesday, November 11, 2020.

The shares are being issued from the authorised share capital of the company which is 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.

Shareholders had earlier at an extraordinary general meeting last month in Lagos approved the N10 billion rights issue. The Nigerian Stock Exchange (NSE) has also approved the rights issue, which will be listed as supplementary shares on the Exchange.

Chairman, Transcorp Hotels, Emmanuel Nnorom said the approval and endorsement of the rights by shareholders empowered the board and management to look to the future with confidence despite the current harsh operating environment.

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Managing Director, Transcorp Hotels Plc, Mrs. Dupe Olusola, said the company’s track record of excellent service delivery has positioned it as the first choice for international and local guests.

“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,” Olusola said.

She added that while the world has been greatly impacted by the COVID-19 pandemic, with the hospitality industry being one of the hardest hit, Transcorp Hotels is optimistic about a great recovery for the sector.