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$120m Investment in Transcorp Hotels Will Boost Profitability

Oluwasina Phillip

The Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu, yesterday explained the company’s decision to commit over $120 million to the rehabilitation of Transcorp Hotels, saying it was meant to lay an investment, “foundation for a better tomorrow.”

He said shareholders had invested wisely in the project, adding that, “your investment will yield huge dividends.”

Speaking at the 15th Annual General Meeting of the company in Abuja, he noted that it was the first time the level of rehabilitation was being undertaken in the hotel since its existence about 30 years ago.

He said: “We did this because we are long term investors. We believe in investing today for better tomorrow.

This hotel is here to make money for shareholders. In terms of value of the assets, they have significantly improved.

“We are laying investment foundation for a better tomorrow.”

He further assured shareholders that for “Transcorp, the future is extremely bright. This is time for wise investors to secure their future and that of their children.”

This is as the shareholders commended the board for significantly cutting administrative expenses and ensuring sustainability of the company amidst the adverse operating environment imposed by the COVID-19 pandemic.

Among other things, they said, they expressed their appreciation over transcorp’s milestone on energy especially the successes at the Ugehli and Afam power plants which had enable it to commence commercial exports.

Shareholders also, expressed optimism that the company’s share price will significantly appreciate given the company’s recently positive performances.

“Congratulations Tony for the good job with your team,” one of the shareholders said.

The investors also showed their appreciation over the dividend payout to shareholders despite the difficult operating environment.

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