• Saturday, June 15, 2024
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Stock Exchange records first listing in 2015 with Transcorp Hotels

Transcorp Hotels doubles revenues to N22bn, though energy costs remain huge concern
The Nigerian Stock Exchange (NSE) on Thursday successfully recorded its first listing on the bourse in 2015 by listing the shares of Transcorp Hotels Plc.
As a result, the shares of Transcorp Hotel Plc have been admitted on the daily official list of the Nigerian Stock Exchange (NSE). Trading also commenced on the shares as dealers exchanged 57,000 units.
Recall that Transcorp Hotels Plc approached the Nigerian stock market last year through an initial public offering (IPO) of 800 million ordinary shares of 50 kobo each at N10 per share.  Transcorp Hotels raised N4.2 billion in an initial public offering that was made to the investing public between September and October 2014. The share price is N10 per share.
The company aims to utilise proceeds of the IPO in Transcorp Hilton Ikoyi project with an estimated completion year of 2017 as well as Transcorp Hilton Port Harcourt project, also with an estimated completion year of 2017.
Valentine Ozigbo, managing director/CEO, Transcorp Hotels Plc said: “The journey till this moment has been a long one and we thank God for the success so far.
We intend to leverage on the success of the past to grow the company in a best possible manner in line with good corporate governance. The timing of the listing is critical to the market. Nigeria’s hospitality sector is experiencing significant growth. We will reward our shareholders. ”
He added: “We will continue to run this company in a very profitable manner. We have a consistent dividend payment policy. Shareholders who participated in the offer will benefit from the 2014 dividend payout.”