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

In the general meeting held by Transcorp Hotels Plc, owners of the iconic Transcorp Hilton Abuja and Transcorp Hotels Calabar which took place on Monday the 29th day of the month of June 2020 in Lagos, the bored issued 2,659,574,468 Ordinary Shares of 50 kobos each by way of a Rights Issue to the Shareholders based on 7 new Ordinary Shares for every 20Ordinary Shares of 50 kobos each held at a price of N3.76 per share.

This Extraordinary shares will be issued from the authorized share capital of the Company which currently is 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.

Transcorp Hotels Plc chairman Emmanuel Nnorom noted added 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.”

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Mrs. Dupe Olusola, Managing Director/CEO of Transcorp Hotels Plc on welcoming this approval added 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.”

She also said that the world has been greatly affected by the COVID-19 pandemic, with the hospitality industry being one of the hardest hit. “However, we are optimistic about a great recovery for the sector and your approval today shows that you also share in this mindset. We will continue to play our part in ensuring a significant recovery to the Nigerian hospitality industry.”

Mr. Alexander M. Adeyemi mni a Non-Executive Director of the Company, that also represents the Ministry of Finance Incorporated on the Board of Transcorp Hotels Plc said that “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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