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Transnational Nigeria to Raise 15 Billion Naira for Expansion

March 28 (Bloomberg) -- Transnational Corp. of Nigeria Plc, which has interests in power, hotels, agriculture and oil, plans to raise 15 billion naira ($95 million) to refinance a power project and expand investments in oil exploration and hotels.

The money, which will be raised by sale of shares to existing investors will be combined with loans from banks to seek a lower interest rate for its Ughelli Power unit, Chairman Tony Elumelu told reporters today in Lagos, the commercial capital. Some of the funds will go toward developing an oil concession and building more hotels, he said.

Nigeria signed deals to sell 15 state-owned power companies to buyers including Transnational Corp. of Nigeria Plc, which bought the Ughelli Power Plant, the West African nation’s privatization agency said Feb. 22. Transnational jointly owns an oil lease with Johannesburg-based SacOil Holding Ltd. and London-based Energy Equity Resources Ltd. in the oil-rich Niger River delta.

The company said in May it plans to build eight hotels that trade under the Hilton brand in Africa’s most populous country. The Lagos-based 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, it said.

Transcorp gained 4.3 percent to 1.47 naira as of 2:13 p.m. in Lagos. The stock has advanced 40 percent this year, compared with a 20 percent rise in the Nigerian Stock Exchange All-Share Index.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

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

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