Transcorp Hotels Plc, a hospitality subsidiary of Transnational Corporation of Nigeria Plc (TransCorp Plc), has joined the league of companies seeking funds from the capital market.
It demonstrated this at the weekend after filing an application for an Initial Public Offering of 800 million ordinary shares of 50kobo each at N10.00 per share.
The company disclosed this through a notice to the Nigerian Stock Exchange (NSE) that TransCorp Plc holds 88 per cent interest in TransCorp Hotels Plc through Capital Leisure and Hospitality Limited.
The remaining 12 per cent is owned by the Federal Government of Nigeria. The application is currently being processed by the NSE.
This step is in line with company’s promise of dominating the Nigerian hospitality sector by extending their hospitality flag to Nigeria’s major capital cities.
Incorporated on November 16, 2004 and quoted on the NSE, TransCorp has a shareholder base of about 300,000 investors, the largest of which is Heirs Holdings Limited, a pan-African proprietary investment company.
