Shareholders Back Transcorp Hotels’ Expansion Plans

Date:

Shareholders have thrown their votes behind the expansion plans of Transcorp Hotels Plc applauding management for the significant improvement in the financial performance of the company and commending the recent award from the World Travel Awards to Transcorp Hilton Abuja as the best leading business hotel in Africa.

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The shareholders made their opinion known at the 2nd annual general meeting of Transcorp Hotels held at its flagship hotel, Transcorp Hilton Abuja, on Friday.

The shareholders also overwhelmingly approved the recommendation by the board of directors of a 40.85kobo dividend per share.

Shareholders expressed confidence and support for the company’s expansion plan while commending the 100 per cent subscription achieved in the Transcorp’s corporate bond offering during the year.

Briefing shareholders on the company’s performance, Olorogun O’tega Emerhor, Chairman, Transcorp Plc said the company grew by 20 per cent from N4.5billion in 2014 to N5.4billion in 2015, while total assets was up by 30 per cent from N70 billion to N91 billion within the same period.

“I strongly believe that we will continue to enjoy growth across all our business lines. We have demonstrated our capabilities across products, customer segments and markets. We intend to continue to leverage on this solid platform to achieve our aspirations and deliver value to all our stakeholders. The confidence of you the shareholders has been a considerable source of strength for us at Transcorp Hotels Plc. As we step into a new phase of vitality, we continue to rely on this support and confidence” Emerhor said.

Also speaking at the AGM, Valentine Ozigbo, managing director/chief executive officer said that Transcorp was able to increase profitability “despite the negative economic fluctuations during the financial year.”

He explained to shareholders that “the results in the fiscal year 2015 were possible due to efficiency, hard work and resilience of our team members which are hallmarks of our corporate culture.”

“We were recognised globally by the World Travelers Award, winning 5 awards for the second year consecutively, and adjudged the best case study for the Kaizen Institute West Africa in August 2015. We consolidated on our excellent service ratings and won national, regional and international awards and look forward to steady progress in our new expansions and new ventures. All of these could not have been possible without the support of our dear shareholders, bondholders and our entire stakeholders” Ozigbo said.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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