Transnational Corp Nigeria Rises to Highest in One Year

Transnational Corp. of Nigeria Plc, which has investments in hotels, agriculture and oil, rose to its highest price in more than one year.

The stock gained a ninth day, rising 2.2 percent to 1.42 naira by the close in Lagos, the commercial capital, its highest since April 27, 2011.

Transcorp, as the company is called, has more than doubled in price this year, compared with a 2.2 percent rise in the Nigerian Stock Exchange All-Share Index over the same period.

The Lagos-based company plans to build eight hotels that trade under the Hilton brand in Africa’s most populous country to take advantage of a surge in business visitors, Chief Executive Officer Obinna Ufudo said in an interview on May 25. The company, which runs the Transcorp Hilton Hotel in Abuja, is expanding a partnership in which McLean, Virginia-based Hilton Worldwide Inc. provides its brand names and management for hotels built by Transcorp, said Ufudo.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net