Transcorp Hotels Plc has submitted an application to the Nigerian Stock Exchange for the approval and listing of a rights issue of 2.66 billion ordinary shares.

In a notice to its shareholders obtained from the Nigerian Stock Exchange, the company said it would be offering by way of rights 2,659,574,468 ordinary shares of 50 kobo each at N3.76 per share, on the basis of seven new ordinary shares for every 20 ordinary shares held.

It said this is pursuant to the approval received from the company’s shareholders at the Extra-Ordinary General Meeting held on June 29, 2020.

The Chairman of Transcorp Hotels Plc, Mr Emmanuel Nnorom, said the approval and endorsement of shareholders empowers the board and management to look to the future with confidence despite the current harsh operating environment.

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