Nigeria Content Online

Lead Capital
Markets Limited Consortium has emerged the Transaction Advisers for the
Initial Public Offering (IPO) of NIRMSCO Properties Limited (owners of
Transcorp Hilton Hotel Abuja). The consortium outscored three others
with 92.58 points to win the bid.

The others are:
FCMB Capital Markets Limited Consortium, which came second with 69.13 ,
FBN Capital Markets Limited Consortium, third with 58.90 and Chapel
Hill Management Consortium, fourth, with 54.44points.

The Bureau of
Public Enterprises (BPE) announced the results at the end of the
financial bid opening for the selection of Transaction Advisers for
NIRMSCO, last week, in Abuja.

Declaring the
exercise open, acting director general of the BPE, Bolanle Onagoruwa
scored Transcorp Hilton Hotel, Abuja, high in the hospitality industry,
saying the hotel is one of the few in the industry that distributes
profit to shareholders on quarterly basis.

Ms. Onagoruwa said,
“With its performance, the National Council on Privatization (NCP)
through the BPE decided to divest 24 percent out of the outstanding
FGN’s 49 percent equity in the company to the general public through an
initial public offering of its shares” while 10 percent of the shares
on offer would be preferentially allotted to staff of the company.

She charged the
successful advisory firm to show a high level of diligence,
accountability and transparency throughout the duration of the
transaction process.