WorldStage Newsonline– Investors warmed back into the stocks of Transnational Corporation of Nigeria plc (Transcorp) on Tuesday, a day after shedding 0.01% to close at N0.58 following a notification that the nation’s diversified conglomerate with strategic investments and core interests in the hospitality, agribusiness and energy sectors will be holding its 81st meeting on September 22, 2020 to consider among other things certain price-sensitive information.
On Tuesday, the stock recorded huge demand as price jumped by 0.02% to N0.6 with 94 transactions involving 19,024,568 shares valued at N11,206,493.97.
Sources told WorldStage that the return of interest may have been due to proper market digest of the information concerning the possible agenda of the shareholders at the conglomerate’s 81st meeting on September 22, 2020.
A reliable source told WorldStage that a critical decision on the selection of Transcorp Power Consortium as the preferred bidder (bid) for the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited) with a bid price of N105.3bn (about US$343.6m) by National Council on Privatisation (NCP) is not unlikely.
Transcorp, like other businesses with investment in hospitality had been hard hit by the COVID- 19 pandemic which forced lockdown of operations for the better part of half of year 2020.
Transcorp, the owner of Transcorp Hotels Plc is expected to count its losses at the September 22 meeting, even though the MD/CEO of Nigeria’s biggest Abuja based hotel, Dupe Olusola said in July (TH) that the decision not to close down their hotels during the lockdown was one of the best decisions they made.
She said it gave them clarity on the hygiene standards they wanted to maintain as they constantly trained the staff on operating cleaning protocols and set guidelines from health experts to get to where were now.
This was a month after the shareholders unanimously authorised the Board of Directors to raise N10 billion in its proposed Rights Issue (RI) to fortify its balance sheet.
Transcorp Hotels Plc, one of the subsidiaries of Transnational Corporation of Nigeria plc is the owner of the iconic Transcorp Hilton Abuja and Transcorp Hotels Calabar.
