Transcorp Hotels Gets Shareholders' Approval to Raise N10bn through Rights Issue


Tuesday, June 30, 2020 / 7:19 PM / NSE / Header Image Credit: TRANSCORP Nigeria

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

The approval given at the Extraordinary General Meeting of the Company, which took place on Monday, 29th June 2020, in Lagos was to issue 2,659,574,468 Ordinary Shares of 50 kobo each by way of a Rights Issue to the Shareholders based on 7 new Ordinary Shares for every 20 Ordinary Shares of 50 kobo each held at a price of N3.76 per share.

The shares will be issued from the authorised share capital of the Company which is currently 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.


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