Transcorp Hotels divest interest in Calabar subsidiary

Onwubuke Melvin
Onwubuke Melvin

Transcorp Hotels plc, the hotel subsidiary of Transnational Corporation plc, announced that it had sold its 100% shareholding in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hotel operator.

This disclosure was made in a notice, the company filed with the Nigerian Exchange Limited on Thursday.

In the statement signed by the Secretary of Eco Travels and Tours, Stanley Chikwendu, the portfolio includes hotel management, wellness and fitness facilities, family-oriented spaces, interior and exterior design and decoration.

It pointed out that the strategic focus of Transcorp Hotels is Abuja and the significant ongoing investment in the famous Transcorp Hilton Hotel and the development opportunities in Lagos.

The company stated that it increased revenues by 36 % in its most recent financial statements for the year 2023, with continued implementation of its business strategies and optimization of new commercial opportunities which will further contribute to a higher level of value given to all stakeholders.

Last year, Trascorp Hotels plc announced that it had concluded its plan to sell 100% of the shares in its subsidiary Trancorp Hotel Calabar.

This was among the specific resolutions adopted at Transcorp Hotels’ ninth annual general meeting, which took place in the Congress Room of Hilton Abuja.

According to the resolutions released by NGX, shareholders authorized the board and the company’s management to dispose of its 100% equity interests in Transcorp Hotels Calabar Limited by relevant laws, statutes, and regulations.

They also authorized the board and the management to invest in, acquire, or divest from any business and/or carry out as the Directors may deem appropriate and by any relevant laws, any actions, including but not limited to restructuring, reorganization, reconstruction, and such other business arrangement exercise or actions.

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