The
initial public offering (IPO) by
Transcorp Hotels Plc (THP) to raise about N8 billion from the investing public
will open tomorrow, Wednesday, September
24, 2014.
This
follows the completion boarding of the company
held in Lagos last Friday, where
the directors of THP and other parties to the IPO signed the pact for the offer.
The board
of THP approved that the company issues 800 million shares of 50 kobo at N10
per share via the IPO and the listing of the shares of the company on the Nigerian Stock Exchange (NSE) after the IPO.
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.
THP,
formerly known as Transnational Hotels and Tourism Services Limited, is the
