Nigeria's Transcorp Hotels to launch 8 bln naira IPO on Sept 24

Reuters

LAGOS (Reuters) - Nigeria's Transcorp Hotels, part of the Transcorp conglomerate, plans to start marketing its initial public offering from Sept. 24 to raise 8 billion naira ($48.8 million), marketing documents seen by Reuters show. Transcorp Hotels plans to offer 800 million ordinary shares to new investors at 10 naira per share. The sale will last for a week and the shares will be listed on the Nigerian Stock Exchange on Nov. 5, the prospectus showed. (1 US dollar = 163.8000 Nigerian naira)