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Transcorp Hotels to raise N10billion through Rights Issue

The company admitted that the hospitality industry is one of the hardest hit of the COVID-19 pandemic. 

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Transcorp Hotels Plc

Transcorp Hotels Plc, owners of the iconic Transcorp Hilton Abuja and Transcorp Hotels Calabar, is set to raise the sum of N10 billion in its proposed Rights Issue to fortify its balance sheet.

The authorisation was given by the Board of Directors at the Extraordinary General Meeting of the Company, which took place on Monday, 29th June 2020, in Lagos and made available in a press release obtained by Nairametrics.

According to the content of the release, the Board gave approval to issue 2,659,574,468 Ordinary Shares of 50 kobo each by way of a Rights Issue to the Shareholders based on 7 new Ordinary Shares for every 20 Ordinary Shares of 50 kobo each held at a price of N3.76 per share.

The shares will be issued from the authorised share capital of the Company which is currently at N7,500,000,000 comprising of 15,000,000,000 Ordinary Shares of N0.50 each, and the resultant issued and fully paid-up share capital will be N5,129.989.184 consisting of 10,259,978,368 Ordinary Shares of N0.50 each.

l-r: Managing Director/CEO of Transcorp Hotels Plc, Dupe Olusola; Chairman, Mr. Emmanuel N. Nnorom; Company Secretary (Ag.),; Chike Anikwe and President/CEO of Transcorp Plc, Owen Omogiafo at Transcorp Hotels’ Extraordinary General Meeting held in Lagos on Monday.

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The Chairman of Transcorp Hotels Plc, Mr. Emmanuel N. Nnorom noted that “This approval and endorsement of shareholders empowers the Board and management to look to the future with confidence despite the current harsh operating environment.” 

Speaking at the meeting, Mrs. Dupe Olusola, Managing Director/CEO of Transcorp Hotels Plc also welcomed this approval adding that “our track record of excellent service delivery has positioned us as the first choice for international and local guests alike noting, 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.”

READ MORE: AIICO seeks NSE’s approval for conducting Rights Issue

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She further added that the world has been greatly impacted by the COVID-19 pandemic, with the hospitality industry being one of the hardest hit.

A Non-Executive Director of the Company, who also represents the Ministry of Finance Incorporated on the Board, Mr. Alexander M. Adeyemi mni, said “Given the challenging times the hospitality industry faces, it has become critical to inject funding into the business for a stronger balance sheet. Transcorp Hotels has maintained a history of excellent performance in the hospitality industry, and this is a bold step towards the achievement of its long term goals.”

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Corporate Press Releases

Furera Jumare resigns from Union Bank Board following appointment by Jigawa State

Mrs. Furera Isma Jumare has resigned her role on the Board of Union Bank of Nigeria Plc.

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Following her appointment as Director-General of the Jigawa State Investment Promotion Agency, Mrs. Furera Isma Jumare has resigned her role as Independent Non-Executive Director on the Board of Union Bank of Nigeria Plc. This in line with regulatory guidelines precluding certain categories of public servants from serving on boards of banks and other financial institutions.

Commenting on the Mrs. Jumare’s resignation, Board Chair, Mrs. Beatrice Hamza-Bassey, said:

“Since joining the Board in May 2017, Furera has been an invaluable voice in the Boardroom. Her experience and professional counsel directly contributed to our wins in recent years and in helping us navigate challenging times. She also served studiously as the Chair of the Board Governance Committee and Member of the Board Audit and Risk Management Committees. On behalf of the Board, I thank her for her diligent service and wish her much success as she answers the call of service to her State.”

Chief Executive Officer, Mr. Emeka Emuwa, said:

“Furera’s appointment is a clear acknowledgement of her experience and accomplishments in her long career including in her role as Director with Union Bank. The Board and Management are grateful for her service and wish her the best in her new role.”

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 Mrs. Jumare’s resignation is effective immediately.

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Corporate Press Releases

Our website not shut down – First Bank of Nigeria Plc

The management of First Bank of Ni has dismissed rumours alleging that its website was shut down.

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FirstBank Agric Expo sets to promote new agribusiness opportunities

Our attention has been drawn to the tweet making the rounds on social media on shutting down the FirstBank website following a false tweet that the Bank prevented staff from joining the ongoing protests in the country.

As the largest banking institution in Nigeria, it is not unlikely that we may be seen as a target in circumstances such as these. This is rather unfortunate as we believe far-reaching reform is necessary and we have said as much on a number of occasions across our platforms.

In the process of change, some pain will be borne by all and some anger may well be misdirected. We understand this as a part of the process of the struggle.

We have a large staff strength and an even larger customer base who may be affected by any disruption and this would be a pity as a number are also contributing in many ways to ensure that voices are heard and required action is taken.

We have been consistent in our message on the need to end all brutality and carry out necessary reforms. We will continue to lend our voice accordingly.

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Corporate Press Releases

NSE to host industry leaders at Oil and Gas sector webinar

The Exchange is set to host key players across the entire oil and gas value chain at its Oil and Gas sector webinar. 

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The Nigerian Stock Exchange (“NSE” or “The Exchange”) will host an Oil and Gas sector webinar on Tuesday, 20 October 2020.

With the theme, Perspectives of Operators and Industry Experts Post-COVID-19the webinar will bring together key players across the entire oil and gas value chain to discuss the impact of the COVID-19 pandemic on the sector as well as its reactions to global trends, government policies, funding dynamics, key challenges and potential shifts. Interested participants can register to attend at  http://bit.ly/nse-oilandgas-webinar.

The event will be headlined by the Honourable Minister for State for Petroleum Resources, Chief Timipre Marlin Sylva; the Director-General, Securities and Exchange Commission (SEC), Dr. Lamido Yuguda; and the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kolo Kyari. It will feature a stellar line-up of global speakers across the public and private sector who will analyse global trends and insights that will shape the future of the Nigerian oil & gas sector, provide recommendations for policymakers, and identify opportunities for long-term growth and expansion.

Speaking about the webinar, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON, noted that, “The impact of the COVID-19 pandemic continues to be felt across diverse industries globally and the oil and gas industry is no exception. Today, the COVID-19 crisis has accelerated what was already shaping up to be one of the industry’s most transformative moments, the impacts of which will likely be felt throughout oil’s global supply chains and ripple into other parts of the energy sector. Nonetheless, oil and gas will remain a multi-trillion-dollar market for decades given its role in supplying affordable energy. The question of how to create value in the new normal is therefore fundamental and one that we hope to discuss in this webinar. We envision that the insights gathered at the forum will lead to actionable solutions that can chart a more sustainable future for the oil and gas sector.”

Some of the other confirmed speakers for the event include  CEO, Seplat, Mr. Roger Brown; CEO, Niger Delta Exploration and Production, Dr. Layi Fatona; Chief Investment Officer, Global Energy, International Finance Corporation (IFC), Mr. Olivier Mussat;  Deputy Director, Securities and Investment Services, SEC, Mr. Abdulkadir Abbas; President Association of Issuing Houses of Nigeria/CEO Vetiva Capital Management, Mr. Chuka Eseka; Executive Chairman, Àrgentil Capital Partners, Mr. Adekunle Adedeji; CEO, Ardova Plc, Mr. Olumide Adeosun; CEO, Eterna Plc (Rtd), Mr. Mahmud Tukur; CEO, Axxela Group, Mr. Bolaji Osunsanya; Co-Founder/Partner, Verod Capital, Mr. Eric Idiahi; CEO, Stanbic IBTC Capital, Mr. Funso Akere; Head, Oil & Gas Coverage Renaissance Capital UK, Mr. Alex Burgansky; Oil and Gas Industry Expert, Ms. Rolake Akinkugbe Filani; and Partner and Energy Industry Leader for West Africa, PricewaterhouseCooper (PwC), Pedro Omontuemhen.

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