Transcorp Hotels to issue N8 billion in IPO

Transcorp Hotels, part of the Transcorp Plc conglomerate, has filed for an N8 billion ($49.3 million) initial public offering of 800 million ordinary shares of 50kobo.

The company made the disclosure through a notice to the Nigerian Stock Exchange (NSE).

Transcorp Hotels, whose flagship hotel is managed by the Hilton group in Nigeria’s capital city Abuja, is 88 percent-owned by the conglomerate, with the balance held by the Nigerian government.

The conglomerate, with interest in power generation, agribusiness and oil and gas has

announced plans to expand its hotel business in Nigeria to tap into a growing market for business travellers to the country.