22 Hospitality Limited Acquires Majority Stake In Capital Hotel

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Capital Hotels Plc has announced the acquisition of 1,611,995,510 ordinary shares of the company by 22 Hospitality Limited.

Following the acquisition, directors of the company resigned their appointment and new ones were appointed.

In a statement signed by Alex Ugwuany for the company secretary, Capital Hotels Plc informed its shareholders and other stakeholders that 22 Hospitality Limited has successfully acquired 1,611,995,510 ordinary shares of 50 kobo each representing 51% of the equity share capital of the company through private placement.

22 Hospitality Limited Acquires Majority Stake In Capital Hotel

The company said: “All the required regulatory approvals have been received for the transaction. 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.

“ 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 private placement and offer for sale.

Resulting from the development, the following directors have resigned their appointments as directors of the company: Chief Anthony Idigbe SAN (Chairman); Dr. Alexander Thomopulos; Mrs. Fadeke Olugbemi; Mrs Helen Da-Souza; and Mr. Akpofure Ibru.

Following the resignation of the above directors, the following persons have been appointed as directors of the company: Messrs Ramesh Kansagra -non-executive director (Chairman); Rishi Kansagra – non-executive director; Ravi Bachu – executive director; Aminu Abdulkadir- non-executive director; Chief Paul Obi, – non-executive director; and Pascal Demarchi – executive director.

According to the statement, Mr. Ramesh Kansagra was also elected the new chairman of the board of directors of the company following the resignation of the former chairman, Chief Anthony Idigbe SAN. Also, the designation of Mr. Chuma Anosike, Alhaji Abatcha Bulama and Mr. Toke Alex-Ibru as independent non-executive directors received the nod of the board.

The former chairman congratulated 22 Hospitality Limited on the successful conclusion of the transaction. He stated that his board had improved the corporate governance practice of the company and also completed the renovation of 97 rooms in the hotel, and urged the new Investor to sustain the tempo by renovating the remaining rooms.

The new chairman thanked the former board. He stated that the new board would reposition the hotel to its former glory, and promised to turn around the finances of the hotel to become the number one in Abuja. He also stated that they had always paid dividends in all their companies, and promised that Capital Hotels Plc would not be an exception henceforth.

Source: Nairametrics