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Transcorp completes N30bn bond issuance for expansion

By on May 11, 2016

Transcorp Hotels Plc says it has completed tranches 1 and 2 of its N30bn bond issuance programme, which is intended to fund the upgrade of Transcorp Hilton Abuja and the development of a multipurpose banquet centre.

According to a statement by the company, work is also going on the Transcorp Hilton Ikoyi and it is expected to be completed by May ending this year.

The statement said, “Transcorp Hilton Port Harcourt has got the necessary planning approvals from the Rivers State Government and we are currently revising our design to optimise the use of the expanded site

“Transcorp Hilton Abuja will be upgrading 670 rooms in the next 18 months. The current focus is on the installation of new elevators and procurement of fittings for guest and meeting rooms. In addition, external work on the construction of a new access way, warehouse and car park has commenced.”

The President/Chief Executive Officer, Transcorp Plc, Mr. Emmanuel Nnorom, said the company had already made significant progress in key sectors of its business.

He said Transcorp, a leading indigenous conglomerate in the country, was making major business decisions across its interests in hotels, agriculture, power generation and oil exploration.

He said the development was already impacting positively on the company’s performance.

Nnorom was quoted as saying, “Transcorp has made several important business decisions, which will have significant impact on its fortunes. Some of the strategic initiatives outlined by the president include additional turbines for power generation, increase in the output of the plant from 160MW to 650MW in 2015 and being on track to deliver 850MW of available capacity in 2016. Our target is to be responsible for at least 25 per cent of the total power generated in Nigeria.”

According to the Transcorp CEO, a production sharing contract for oil block OPL 281 with the Nigerian National Petroleum Corporation has also been signed and preparation for seamless production is ongoing.

Nnorom added, “We have put in place a world-class management team and are committed to developing the synergies between our natural resources portfolio and our power interests, creating an integrated energy approach that directly links Nigeria’s natural resource wealth to the daily needs of our people.”

 

[Punch]