Transcorp Need Cash: Transcorp Hotels to issue N10 billion Rights Issue

A lot of companies listed on the Nigerian stock exchange have been raising cash through bonds, share issues, etc. This is a way to raise cash when a company is getting close to being in distress or bankruptcy. 

Transcorp Hotels to issue N10 billion Rights Issue detail.

The Nigeria based hospitality establishment will 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.

Transcorp has two locations in Nigeria, Transcorp Hilton Abuja, and Transcorp Calabar. 

The shareholders approve the deal after a brief meeting. According to the Chairman of Transcorp Hotels Plc, Mr. Emmanuel N. Nnorom noted that '"This approval and endorsement of shareholders empowers the Board and management to look to the future with confidence despite the current harsh operating environment."

Speaking at the meeting, Mrs. Dupe Olusola, Managing Director/CEO of Transcorp Hotels Plc also welcomed this approval. "We are not resting on our oars but working round the clock to innovate new products and services to further delight our guests, notable of such is the launch of asset-light strategies to deepen our hospitality footprints across Africa."

Transcorp Hotel PLC share stock symbol is 'TRANSCOHOT' and the stock is trading at 4 Naira per share. 

Transcorp Hotel Key data

Capitalization (NGN) 30 401 615 600

Capitalization (USD) 78 455 782

Net sales (NGN) 20 404 533 000

Net sales (USD) 52 990 572

Number of employees 1 365

Sales / Employee (NGN) 14 948 376

Sales / Employee (USD) 38 821

Free-Float 5,47%

Free-Float capitalization (NGN) 1 663 573 600

Free-Float capitalization (USD) 4 293 093

Avg. Exchange 20 sessions (NGN) 270 008

Avg. Exchange 20 sessions (USD) 701

Average Daily Capital Traded 0,00%