By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Conglomerate Transnational Corporation of Nigeria (TRANSCORP) will tomorrow Friday September 19, 2014 hold a completion board meeting to discuss the proposed N8.0 billion initial public offering (IPO) for its hospitality business, Transcorp Hotels Plc.
A source at the company name (withheld) disclosed this to InvestAdvocate in Lagos Nigeria, ‘’we have our completion board meeting tomorrow,’’ the source said reacting to inquires as regards further details to the IPO.
The conglomerate in regulatory filing early September said its seeking fresh funds of N8.0 billion by offering 800,000,000 ordinary shares of 50 kobo each at N10.00 per share.
Transcorp Plc own 88 percent of Transcorp Hotels through Capital Leisure and Hospitality Limited. The remaining 12 percent is owned by the Federal Government of Nigeria.
At the end of trading on Thursday at the floor of the Nigerian bourse share price of company lost 12 kobo as it opened N5.96 and closed at N5.84 declining 2.01 percent.
