1. The board of Transcorp Hotels Plc, formerly Transnational Hotels and Tourism Services Limited, has approved its Initial Public Offering on the Nigerian Stock Exchange has been boosted by the company’s board.
2. The company’s board of directors endorsed the plan at a completion board meeting for the purpose in Lagos, the company said.
3. The company plans to offer 800,000,000 ordinary shares of 50 kobo each at N10 per share The offer opens on September 24th to close September 30th 2014.
4. Proceeds from the offer will be used to part finance construction of hotels in Ikoyi and Port – Harcourt. Both hotels are expected to be completed in 2017.
5. Transcorp Hotels Plc is the hospitality subsidiary of Transcorp Plc, owns and operates the Transcorp Hilton Abuja and the Transcorp Hotels Calabar. Transcorp Plc holds 88 per cent stake in Transcorp Hotels through Capital Leisure and Hospitality Limited with the remaining 12 per cent stake held by the Federal Government.
6. After the offer the market capitalization will be N79.8 billion ($487.4 mln) on listing .
7. This offering is the second after Seplat this year and second since 2008
Full article in the Punch/Reuters