Nigeria’s Transcorp Hotels, part of the Transcorp Plc conglomerate, has filed for an 8 billion naira ($49.3 million) Initial Public Offering at 10 naira per share, the bourse said on Monday.
Transcorp Hotels, whose flagship hotel is managed by the Hilton Group in Nigeria’s capital city Abuja, is 88 percent-owned by the conglomerate, with the balance held by the Nigerian government.
The conglomerate, with interest in power generation, agribusiness and oil and gas, has announced plans to expand its hotel business in Nigeria to tap into a growing market for business travellers to Africa’s biggest economy.
