Business

Capital Hotels Plc to Sell 51 Percent Stake to 11 Plc

The Board of Directors of Capital Hotels Plc had agreed to sell a 51 percent stake of the company to 11 Plc at N7 per share subject to Hans Gremlin Niger Ltd, a core shareholder, being given the opportunity to exit 50 percent of its stake in the company at the same price.

At the emergency meeting held on June 14th, 2021, the board of directors said the deal is “subject to Hans Gremlin Nig Ltd (the Core shareholder) being given the opportunity to exit 50% of its stake in Capital Hotels Plc at the same price, and on such other terms and conditions as the Directors may deem fit subject to obtaining the approval of the Regulatory Authorities.”

The Board also agreed that in order to balance the interest of Capital Hotels Plc (the Company), Hans Gremlin Nig Ltd (the Core shareholder) and 11 Plc (the Investor), the transaction could be structured with offer for sale and offer for subscription subject to obtaining approval required from the Regulatory Authorities.

The Board further agreed that if the new investor accepts the conditions herein stated, an Extraordinary General Meeting would be convened to get the approval of the Shareholders for this transaction.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

N1.3bn Fraud Allegation: Court Orders Arrest of Dana Air MD For Not Showing Up For Arraignment

A Federal High Court in Abuja has ordered the arrest of the Managing Director of…

3 hours ago

Nigerians To Enjoy 85% Discount On Groceries, Phones, Home Appliances, Others As Konga Begins Yakata Black Friday Sale

Consumers in Nigeria now have opportunity to get 85 percent discount on products of their…

3 hours ago

Nigeria Partners with ECOWAS and Morocco to Launch $26B African Gas Pipeline

The Nigerian government, in partnership with the Economic Community of West African States (ECOWAS), Morocco,…

4 hours ago

Naira Falls to N1,676.90/$1 at Official Market, Slides to N1,708.87/$1 at Alternative Window

The Naira depreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.61 percent and…

5 hours ago

President Tinubu Orders Release of Minors Prosecuted for #BadGovernance Protests

Following a recent viral video on the X app regarding the prosecution of minors who…

8 hours ago

Nigerian Army Seizes 700,000 Liters of Stolen Petroleum in Sweeping Raid Across Four States

In a series of raids across Rivers, Bayelsa, Akwa Ibom, and Delta states, troops from…

8 hours ago