22 Hospitality Limited has acquired a 66.13 per cent equity share of Capital Hotels Plc through a combination of a private placement and an offer for sale.
The transaction represents a total of 2,090,199,140 ordinary shares of 50 kobo each, the company disclosed by Alex Ugwuanyi on behalf of Ifebunandu & Co on Tuesday to notify the investing public.
It hinted that all the required regulatory approvals were received for the transaction.
“Capital Hotels Plc wishes to inform its shareholders and other stakeholders that 22 Hospitality Ltd has successfully acquired 1,611,995,510 Ordinary Shares of 50 kobo each representing 51 per cent of the equity share capital of the company through Private Placement.
“In addition, 22 Hospitality Limited also bought 456,641,337, and 21,562,293 Ordinary Shares of 50 kobo each representing 14.45 per cent and 0.68 per cent of the equity share capital of the company, from Hans Gremlin Nigeria Limited and Associated Ventures International Limited respectively through offer for sale,” part of the statement read.
The company also disclosed that following the acquisition, five of its directors resigned from their appointments while six others were appointed.
It said Ramesh Kansagra was elected the new chairman of the board of directors following the resignation of the former chairman, Anthony Idigbe.
The new chairman said the 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.
Incorporated on January 16, 1981, as a private limited liability company, Capital Hotels became a public liability company (PLC) on May 31, 1986.
