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Transcorp Hotel commemorates N10bn Rights Issue listing with NSE Digital Closing Gong Ceremony

Transcorp Hotels

Transcorp Hotels Plc commemorated the listing of its Rights Issue of 2,642,124,511 additional Ordinary Shares valued at N10 billion on the floor of The Nigerian Stock Exchange (NSE) on Thursday January 28, 2021.

The listing was commemorated with a digital Closing Gong ceremony at the NSE where the Managing Director/Chief Executive Officer, Transcorp Hotels, Mrs. Dupe Olushola had the honour of bringing the day’s trading to a close.

Speaking at the ceremony, the Chief Executive Officer, NSE, Oscar N. Onyema, stated, “On behalf of the National Council and Management of The Exchange, I congratulate the board and management of Transcorp Hotel’s plc for their laudable commitment towards the sustained growth of this reputable brand. Transcorp Hotels Plc’s successful capital raise with a Rights Issue of 2,642,124,511 additional Ordinary Shares which was 99.3percent subscribed despite the prevailing macro-economic challenges is highly commendable. At The Exchange, we remain committed to providing issuers with a platform that allows them to meet their strategic business objectives and it is our delight to see listed companies take full advantage of the NSE’s products and services to support their growth trajectory.”

On her part, Olusola commented, “I express my deep appreciation to the NSE, other regulators, market operators and of course, our shareholders for their support in the successful completion of our N10 Billion Rights Issue and listing of 2.64 billion ordinary shares. The past year has been a challenging one given the impact of the COVID-19 pandemic on the hospitality sector, and that Transcorp Hotels has not only survived but is firmly on the road to recovery is a testament of the efficacy of our initiatives and we thank you for your belief ins us. Moving forward, we are optimistic about 2021 and we have begun the year in a strong position. We will continue to deepen our share and expand our market leveraging best in class technology and providing the highest service standard across our locations.”

The NSE continues to remain an attractive listing destination as current market conditions favour capital-raising activities across various asset classes. It is also important to note that the NSE has also achieved all-around increased efficiency in terms of competitive pricing structures, improved turnaround time, and enhanced customer experience.