Money Markets
TPS Serena sets date for trading of issued rights
Nairobi Serena Hotel: The facility is among those lined up for refurbishment from money raised from the TPS rights issue. Photo/FILE
Posted Thursday, July 22 2010 at 00:00
Flagship hotel
The money will also be used in the refurbishment of Nairobi Serena, the flagship product of the group and Kigali Serena Hotel.
The firm is also set to acquire TPS Uganda Ltd in a share swap arrangement as part of its regional expansion programne after acquiring a new resort property last year to complement its five-star city hotel, Kampala Serena Hotel and renaming it Lake Victoria Serena Resort.
TPS had also been given the go-ahead to issue bonus shares to be distributed at one for every six held by shareholders in its register by the end of this week.
TPS reported a 58 per cent increase in pre-tax profit to Sh520 million in 2009.
The hotel chain is expected to post better earnings in 2010 as the local tourism sector eyes a record year after arrivals for the first five months of the year surpassed the peak levels of 2007.
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