The Nigerian Stock Exchange has listed 2.64bn ordinary shares of Transcorp Hotel Plc on the Daily Official List of the Exchange.
According to a report obtained from the Exchange, the additional shares listed on the Exchange arose from the company’s rights issue of 2.66bn ordinary shares of 50 kobo each at N3.76 kobo per share on the basis of seven new ordinary shares for 20 ordinary shares held as at July 13, 2020.
The rights issue was 99.34 per cent subscribed. With this listing of the additional 2.64 billion ordinary shares, the total issued and fully paid-up shares of Transcorp Hotel has now increased from 7.60 billion to 10.24 billion ordinary shares of 50 kobo each.
Shareholders of Transcorp Hotels, owners of Transcorp Hilton Abuja and Transcorp Hotels Calabar, had recently authorised the Board of Directors to raise N10bn in its proposed rights issue to fortify its balance sheet.
The approval given at the Extraordinary General Meeting of the company was to issue 2.66 billion ordinary shares of 50 kobo each by way of a rights issue to the shareholders based on seven new ordinary shares for every 20 ordinary shares of 50 kobo each held at a price of N3.76 per share.