Transcorp Hotels To Sell 100% Stake In Calabar- based Subsidiary
Trascorp Hotels Plc has announced the conclusion of its plans to sell 100% equity holdings in its subsidiaries, Trancorp Hotels Calabar.
This was part of the special resolutions at the Ninth Annual General Meeting of Transcorp Hotels Plc held at Congress Hall, Transcorp Hilton Abuja.
According to the resolutions released by the Nigerian Exchange Limited (NGX), shareholders authorized the board and the company’s management to dispose its 100% equity interests in Transcorp Hotels Calabar Limited in accordance with relevant laws, statutes, and regulations.
They also authorized the board and the management to invest in, acquire, or divest from any business and/or carry out as the Directors may deem appropriate and in accordance with any relevant laws, any actions, including but not limited to restructuring, reorganization, reconstruction, and such other business arrangement exercise or actions.
The company also received approval that the remuneration of Directors is fixed at the sum of N91.9 million for the year ending December 31, 2023, such payment is to be effective from January 1, 2023.
Meanwhile, the Calabar subsidiary reported a loss of N269.268 million as against a loss of N3.493 million in 2021. Revenue grew by 16.73% to N1.002 billion from N858.369 million reported in 2021.
The cost of sales equally grew by 16.66% to N350.525 million from N300.451 million in 2021 while operating expenses rose to 37.48% from N557.651 million in 2021 to N766.676 million in 2022.
Shareholders of Transcorp Hotels Plc have approved a total dividend of N1.33 billion dividend proposed by the Board of Directors for the financial year ending December 31, 2022 represents a dividend of 13 kobos per unit of 50 Kobo ordinary shares for its shareholders for the 2022 financial year.
The Chairman of the Board of Directors, Emmanuel Nnorom while announcing the total dividend payment of N1.33 billion at 13 kobos per share, noted that the Group closed the 2022 financial year strongly.
“Our continued focus on strategic financial management remained beneficial, as we exercised firm discipline in capital allocation, making swift investment decisions and capturing all economic upsides, “Nnorom added.
He stated that the company would continue to drive key investments in innovation and cost efficiency, including hospitality tech to improve our competitive advantage in the industry through sustainable and cost-effective strategies.