22 Hospitality Acquires 66.13% Interest In Capital Hotels Plc

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Hospitality22 Hospitality Limited has acquired the largest stake in Capital Hotels Plc, owner of Sheraton Abuja hotel, according to a statement submitted to the regulator.

Capital hotels told Shareholders that 22 Hospitality successfully acquired 1,611,995,510 Ordinary Shares of 50 kobo each representing 51% of the equity share capital through private placement.

The statement reads that 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 the private placement and Offer for Sale.

Upon the acquisition, Capital Hotels’ board of directors was dissolved. 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.

Upon the acquisition, Capital Hotels’ board of directors was dissolved. 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.

 


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