Transcorp Hotels Plc said it had divested its 100 percent interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company.
Stanley Chikwendu, Company Secretary, Transnational Corporation, disclosed this in a notification on Thursday.
The notification was sent to the Nigerian Exchange Limited in Lagos.
According to Chikwendu, Transcorp Hotels’ strategic focus is on Abuja and the significant continuing investment in the iconic 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.
The Company Secretary said in the firm’s published 2023 audited financial statements, the company recorded 36 percent 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.
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Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation
Plc (Transcorp Group), one of Nigeria’s largest conglomerates.
The hospitality subsidiary is consistently reshaping the hospitality landscape in Africa, aligning with its mission to lead in the industry and contribute to Nigeria’s growth while positively impacting lives.
Notably, in 2023, the company’s shares concluded the year as the top-performing stock on the NGX.