The offered shares, which is expected to raise N8 billion ($48.8 million), will contribute to the financing of the construction of two new flagship hotels in Ikoyi, Lagos and Port Harcourt, the statement added. The two 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 (“Transcorp 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”, he added in a statement sent to Ventures Africa.
Noting the significant growth in Nigeria’s hospitality industry, Ozoigbo 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”.
Emmanuel Nnorom, the newly appointed President and CEO of the parent company Transcorp Plc, enthused that the existing shareholders and members of the public should be excited by the decision to open up ownership of what is widely regarded as the most strategic piece of real estate in Nigeria and share in the fortunes of the company that is already known for its impeccable track record, healthy financials and strong corporate governance.
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