NSE admits THP’s N7.6b shares on daily official list
THE daily official list of the Nigerian Stock Exchange swelled Thursday, with the listing of 7,600,403,900 ordinary shares of 50 kobo at N10.00 per share in the name of Transcorp Hotel Plc.
The listing, added N79 billion value to the entire market capitalization of the NSE.
The company’s vision is to be the premier hospitality company in Africa, creating maximum and sustainable value for stakeholders, as well as to build Africa’s choice hospitality assets underpinned by excellence entrepreneurship and execution.
Addressing stock brokers on the floor of the Exchange in Lagos, the
The Managing Director of THP Valentine Ozigbo assured that shareholders who participated in the offer would be part of the dividend declared for the 2014 financial year, adding that the company was committed to creating long-term and sustainable value for stakeholders
Ozigbo, explained that THP would leverage its unique partnership with the Hilton brand and strong customer base to provide an excellent guest experience and achieve superior returns from the new assets, said: “We would over take our parent company and run in a very profitable manner with consistent dividend payout. We would strive to become a pre-eminent hospitality company in Africa and we would visible in cities where we see more opportunities emerging.
“We would continue to run this company in the best possible manner in terms of good corporate governance principles, best practice and integrity’’.
He added that the proceeds of the offer will be used to part-finance its expansion projects specifically the construction of two new flagship hotels in Ikoyi, Lagos and Port Harcourt, as part of its broader expansion plans.
“Nigeria’s hospitality industry is experiencing significant growth, with major demand for expanded capacity and enhanced quality and service. THP is ideally positioned, as the existing owner of the largest number of hotel rooms in Nigeria, and partnered with one of the world’s most prestigious hotel brands, Hilton Worldwide, to leverage this demand. The proceeds of this offer will be used to fund the development of two new Transcorp Hilton hotels, one in Ikoyi, Lagos, and the second in Port Harcourt, with both due for completion in 2017. We are delighted to be able to offer the Nigerian public the opportunity to participate in our future success. This offer reiterates our commitment to creating sustainable value for all stakeholders.”
He pointed out that with the listing, investors would have wider choice in terms of port folio diversification.
He assured stockbrokers that the company would meet its post listing requirements and continue to keep operators abreast of developments in the company.
Transcorp Plc’s Chief Executive Officer, Emmanuel Nnorom said:“It has been a privilege for us to be honoured in this way by the NSE. Our ringing of the bell today is clearly symbolic, because we intend to make great, resonant sounds throughout this year. our target is the establishment of Transcorp Hilton Hotel in Ikoyi, Lagos and another at Port Harcourt. We are delighted to be able to offer the Nigerian public the opportunity to participate in our potential for success in the future.