By Alex C
Transcorp Hotels Plc, one of Nigeria’s hospitality giant is billed to begin an Initial Public Offering (IPO) of 800,000,000 ordinary shares of 50 kobo each at N10.00 per share, which will be listed on the Nigerian Stock Exchange (NSE) on Wednesday September 24, 2014, a statement from the company reveal.
The offered shares which is expected to raise $48.8 million, will contribute to the financing of the construction of two new flagship hotels in Ikoyi, Lagos and Port Harcourt. Both hotels, which will carry on Trancorp’s partnership with the Hilton brand, are expected to be completed by 2017.
A subsidiary of Transnational Corporation of Nigeria Plc in which billionaire investor Tony Elumelu holds a majority stake, Transcorp Hotels Plc (THP) owns and operates the landmark Transcorp Hilton Hotel Abuja and the Transcorp Hotels Calabar.
Describing the share offering -which is to close on September 30th 2014- as the reiteration of Transcorp Hotel’s commitment to creating sustainable value for stakeholders, MD and CEO Valentine Ozigbo said the company is “delighted” to be able to offer the Nigerian public the opportunity to participate in its future success.
“THP is ideally positioned, as the existing owner of the largest number of hotel rooms in Nigeria, and partnered with one of the world’s most prestigious hotel brands, Hilton Worldwide, to leverage this demand,” Ozigbo stated.
He added that the company’s vision is to be the premier hospitality company in Africa, creating maximum and sustainable value for stakeholders, as well as to build Africa’s choice hospitality assets underpinned by excellence entrepreneurship and execution.