Transcorp Hotels Plc has divested its 100 per cent interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company.
The Company Secretary, Transnational Corporation, Stanley Chikwendu, disclosed this in a notification sent to the Nigerian Exchange Limited (NGX) on Thursday, April 18, 2024.
Chikwendu said Transcorp Hotels’ strategic focus is on Abuja and the significant continuing investment in the Transcorp Hilton Hotel and in development opportunities in Lagos.
He noted that Eco Travels and Tours has a diversified portfolio, including hotel management, wellness and fitness facilities, family-centric spaces, and interior and exterior design and decoration.
Transcorp records N197bn revenue, N58.8bn profit
The company secretary said in the firm’s published 2023 audited financial statements, the company recorded 36 per cent revenue growth.
With the ongoing execution of its business strategies and optimisation of new business opportunities, Chikwendu noted that the hospitality subsidiary would continue to deliver even greater value to all its stakeholders.
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Nigeria’s largest conglomerates.
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