Transcorp Hotels announces 37kobo dividend, beats own forecast by 184%

Transnational Hotels Plc has released the following dividend announcement for the period ended December 2014.

Proposed Dividend:37kobo/share

Closure Date: 30 March 2015

AGM Date:15 April 2015

Payment Date:17 April 2015

Venue for AGM: Transcorp Hilton Hotel Abuja, 1 Aguiyi Ironsi, Maitama

Transcorp Hotels Plc is a subsidiary of Transcorp Plc and recently concluded an Initial Public Offering at N10 per share. This price suggest a Gross Indicative Dividend Yield of 3.7%. Transcorp had projected a dividend per share of 13kobo in its IPO prospectus and forecasted a dividend of 35kobo for 2016. This current dividend of 37kobo is a 2.8x its forecast.