Shareholders approve Capital Hotels’ delisting from NGX

Shareholders of Capital Hotels Plc have approved the company’s delisting from the Nigerian Exchange Limited (NGX).

The company secretary, Capital Hotel, Mr. Alex Ugwuanyi in a statement said the board of directors had approved the decision by shareholders of the company.

He noted that shareholders and other stakeholders at a Board of Directors’ meeting held in March approved the company’s Audited Financial Statements for the year ended December 31, 2022, and the same has been duly filed with the NGX.

An investigation by WesternPost revealed that the company in 2022 financial year announced N159.9million loss as against N320.46million reported in 2021.

In 2022, the company informed its shareholders and other stakeholders that 22 Hospitality Ltd has successfully acquired 1,611,995,510 Ordinary Shares of 50 kobo each representing 51per cent of the equity share capital of the company through Private Placement.

According to the company, 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 14.45per cent and 0.68per cent 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 acquired 2,090,199,140 Ordinary Shares of 50 kobo each, representing 66.13per cent of the equity share capital of the company through a combination of Private Placement and Offer for Sale.

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

Following the resignation of the directors, 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 were appointed as replacements.

Mr Ramesh Kansagra was also elected the new Chairman of the Board of Directors of the company. 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.