22 Hospitality Limited has made a successful acquisition of a total of 2,090,199,140 Ordinary Shares of 50 kobo each, which is 66.13 percent of the equity share of Capital Hotels Plc through a combination of Private Placement and Offer for Sale.
This was disclosed in a document Capital Hotel Plc–owners of Sheraton Abuja Hotel–filed with the Nigeria Exchange Group and signed by the company’s Secretary, Alex Ugwuanyi.
In the documents, Capital Hotels announced to its shareholders and other stakeholders that 22 Hospitality Limited has successfully acquired 1,611,995,510 units of Ordinary Shares of 50 kobo each, representing 51% of the equity share capital of the Company through Private Placement after all the required regulatory approvals have been received for the transaction.
Additionally, Capital Hotels disclosed that 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.
What they are saying
Chief Anthony Idigbe SAN, the former Chairman of Capital Hotels, after congratulating 22 Hospitality Ltd on the successful conclusion of the transaction stated that his Board had finished renovating 97 rooms in the hotel and improved the corporate governance practice of the Company. He encouraged the new Investor to sustain the pace by renovating the remaining rooms.
Messrs Ramesh Kansagra, the new Chairman, thanked the former Board and stated “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 from henceforth.”
What you need to know
According to the disclosure in the document, Capital Hotels Plc. was incorporated on 16 January 1981, as a private limited liability company. It later became a public liability company (Plc.) on 31 May 1986. Its Hotel, Sheraton Abuja Hotel commenced business in January 1990.
The Directors of the Company include 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.
The company’s services cover the operation of hotels and restaurants, recreational facilities, nightclub, and a business Centre.