Transcorp hotels N10bn Series 1 Bond was 30% over subscribed—- Ozigbo

By Chioma Obinagwam

The Chief Executive Officer (CEO) of Transcorp Hotels, Valentine Ozigbo has said that its N10 billion (Series 1) bond was 30 per cent over subscribed.

He said during the listing of the bond on the Nigerian Stock Exchange(NSE), recently.

“It marks the first listing of the year, which was over subscribed by 30 per cent. This shows confidence in the market,” he said.

The CEO noted that apart from raising the bond for the purpose of repositioning the Abuja Hotel to a world class status and fund projects, the listing of the bond will avail investors the opportunity to participate, which will result in a more deepened market.

“For us the essence of the bond is to fund projects. Ours was successful. The objective is to accumulate sufficient funds for our business and to deepen the market and we are happy its creating wealth.”

He noted that the hotel has been resilient in the face of the country’s macro-economic headwinds, coming out with strong fundamentals.

“Actually, there is a lot of issue relating to oil prices but I think our business is very resilient. We have done better this January more than last year. Our fundamentals are very strong. Government may reduce patronage but private businesses are also coming up. Our numbers are healthy enough to absorb the shock we see,” he stated.

Ozigbo disclosed that the subsequent listing will take place in 2017.

The bond was listed at N1000 per note on the NSE.