Transcorp Hotel Boosts NSE Capitalisation By N76bn

The successful listing, via the initial public offering (IPO), of Transcorp Hotel Plc on the Nigerian Stock Exchange (NSE) boosted the market capitalisation listed equities by N76 billion last week.

Transcorp Hotel had in the last quarter of 2014 made the IPO to investors where it raised N4.2 billion; following the completion of the IPO, the entire 7.6 billion ordinary shares of company were listed on the NSE at N10 per share, boosting the market capitalisation by N76 billion.

The managing director (MD) of the company, Valentine Ozigbo, at the listing of the company on the NSE said the hospitality industry is experiencing significant growth with major demand for expanded capacity and enhanced quality and service.

According to Ozigbo, the company will leverage on its past success for the benefit of all stakeholders.

“I can assure the management of the NSE and the stockbroking community that the company will run in very profitable and consistent manner that will continue to deliver returns to the shareholders. Dividend will be paid to shareholders who bought the IPO,” he said.

The MD said the company would hit the ground running with its expansion projects which involve the construction of two new flagship hotels in Ikoyi, Lagos and Port Harcourt.

He stated that in line with the company’s robust dividend policy and determination to always reward shareholders and other stakeholders, investors who bought shares during the IPO and others who will buy subsequently will benefit from the dividend that would be declared for 2014.

Stockbrokers have advised the company to comply with post listing requirements of the capital market, by posting its financial report as and at when it is due.

 

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