Monthly Archives: June 2020
Transcorp Hotels Gets Shareholders’ Approval To Raise N10billion Through Rights Issue.
Shareholders of Transcorp Hotels Plc, owners of the iconic Transcorp Hilton Abuja and Transcorp Hotels Calabar, have unanimously authorised the Board of Directors to raise N10 billion in its proposed Rights Issue to fortify its balance sheet.
The approval given at the Extraordinary General Meeting of the Company, which took place on Monday, 29th June 2020, in Lagos was to issue 2,659,574,468 Ordinary Shares of 50 kobo each by way of a Rights Issue to the Shareholders based on 7 new Ordinary Shares for every 20 Ordinary Shares of 50 kobo each held at a price of N3.76 per share.
Transcorp Announces the Appointment of Mrs. Foluke Abdulrazaq as Board Vice Chairman
Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s leading listed conglomerate, owner of Transcorp Power Limited, one of Nigeria’s largest power producers and the iconic Transcorp Hilton in Abuja, has announced the appointment of Mrs. Foluke K. Abdulrazaq to its Board of Directors, as Vice Chairman, effective Friday, 5th of June 2020.
Saudi Arabia Increases Its Oil Prices By Most In Two Decades
Saudi Arabia sharply raised its official selling prices for crude oil, removing almost completely the deep discounts it had in place to preserve its market share during the price war it waged on Russia in March.
Nigeria ready to compensate for overproduction in May-June
Nigeria said on Saturday it was ready to make additional oil output cuts from July to September to compensate for producing more than its quota in May and June, when OPEC and its allies implemented a deal to curb supply by record amounts.
“Nigeria reconfirms our commitment under the existing agreement,” Nigeria’s Ministry of Petroleum Resources said in a statement on Twitter ahead of talks between OPEC and its allies.
COVID-19 survey: 85% of businesses say there is reduction in income flow
The impact of the COVID-19 is bringing untold hardship to households and businesses, with 85 per cent of businesses, outside agriculture saying there has been significant reduction in income flow., according a report a report by the National Bureau of Statistics (NBS), in collaboration with the World Bank.
