Eco Travels Acquires 100 Percent Stakes In Transcorp Hotels Calabar As C'River Assembly Probes Ownership
By Sunday Oluwatosin, Lagos
Transcorp Hotels PLC Eco Travels and Tours Limited, an indigenous hospitality company, has acquired its 100 percent stakes in Transcorp Hotels Calabar Limited.
This is coming barely a week after the Cross River State House of Assembly announced its plans to investigate Ownership status of Transcorp and other government properties.
According to a statement on April 17 by Stanley Chikwendu, the company’s secretary, Eco Travels and Tours has a diverse portfolio including hotel management, wellness and fitness facilities, family-centric spaces, as well as interior and exterior design and decoration.
“Transcorp Hotels strategic focus is on Abuja and the significant continuing investment in the iconic Transcorp Hilton Hotel and in development opportunities in Lagos,” the company said.
In its published 2023 audited financial statements, Transcorp Hotels — a subsidiary of Transnational Corporation (Transcorp) Plc — recorded 36 percent revenue growth.
With the ongoing execution of its business strategies and optimisation of new business opportunities, Transcorp Hotels said it will continue to create more value for all its stakeholders.
Meanwhile, on January 15, Transnational Hotels joined the trillionaire club in the stock market after their valuation crossed N1 trillion.
As of Thursday, the company’s market capitalisation was valued at N1 trillion.
On March 4, the Transnational Corporation announced the listing of its subsidiary, Transcorp Power Plc, on the Nigerian Exchange Limited (NGX).
Recall that the Cross River State House of Assembly has, a few days back, initiated a comprehensive investigation into the status of various properties including the Transcorp Hotels in Calabar, and several state-owned factories.
The House called for a thorough inquiry into the matter.
