22 Hospitality Ltd acquires 66.13% majority stake in Capital Hotels Plc

A total of 66.13 per cent of the equity in Capital Hotels Plc, owners of Sheraton Hotel, Abuja, have been acquired by 22 Hospitality Limited, the hotel announced yesterday. 22 Hospitality acquired the first batch of 1,611,995,510 Ordinary Shares, representing 51% of the equity of the hotel through private placement, Capital Hotel said in a […]

A total of 66.13 per cent of the equity in Capital Hotels Plc, owners of Sheraton Hotel, Abuja, have been acquired by 22 Hospitality Limited, the hotel announced yesterday.

22 Hospitality acquired the first batch of 1,611,995,510 Ordinary Shares, representing 51% of the equity of the hotel through private placement, Capital Hotel said in a note filed to the Nigerian Exchange Limited. It said all the required regulatory approvals have been received for the transaction.

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In addition, 22 Hospitality Limited also bought 456,641,337, and 21,562,293 Ordinary Shares of 50 kobo each representing 14.45% and 0.68% of the equity share capital of the Company, from Hans Gremlin Nigeria Limited and Associated Ventures International Limited, respectively through Offer for Sale, Hotel further explained.

“In all, 22 Hospitality Limited has therefore acquired a total of 2,090,199,140 Ordinary Shares of 50 kobo each, representing 66.13% of the equity share capital of the Company through a combination of the private placement and offer for sale,” the statement said.

The stock gained 3 kobo or 5.5 per cent to close at N0.58 at the end of trading on the NGX.

Following this development, Chief Anthony Idigbe (SAN), and four other directors of Capital Hotel, have resigned from their appointments with the company. The other directors who resigned are Dr Alexander Thomopulos; Mrs Fadeke Olugbemi; Mrs Helen Da-Souza and Mr Akpofure Ibru.

As a result of the resignation of these directors, six persons were appointed as directors, with Mr. Ramesh Kansagra, as Non-Executive Director and Chairman. Other are Rishi Kansagra – Non-Executive Director; Ravi Bachu – Executive Director; Aminu Abdulkadir- Non-Executive Director; Chief Paul Obi, – Non-Executive Director.