Transcorp Hotel IPO to be allotted electronically

Investors in the on-going initial public offering (IPO) of Transcorp Hotels Plc, who want their shares allotted electronically would be granted the opportunity as the company plans to give all Nigerians access to the growth success of the company.

Managing Director and CEO of Transcorp Hotels Plc (THP), Mr. Valentine Ozigbo, who made this known in a chat with journalists in Lagos, stated that the company has stringent timelines set out in the prospectus to the offer that it must abide by.

THP is offering 800 million shares of 50 kobo at N10 per share via the IPO. The offer closes October 17, 2014.

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.

He also refuted claims that the Federal Government of Nigeria intends to invest more in the company because of its consistent dividend payment to the government.