By Aduragbemi Omiyale
Shareholders have agreed to delist Capital Hotels shares from the Nigerian Exchange (NGX) Limited after the acquisition of a 51 per cent stake of the firm by 11 Plc through 22 Hospitality Limited.
The authorisation was given at the 42nd Annual General Meeting (AGM) of the company held last Wednesday in Abuja.
At the meeting, the shareholders passed the resolution “that the shares of Capital Hotels Plc be and are hereby delisted from the Nigerian Exchange Limited (NGX) subject to the applicable rules of the exchange and other statutory requirements.”
The hospital firm confirmed this development in a notice filed to the bourse, which was obtained by Business Post.
It is uncertain if Capital Hotels will trade its stocks on the alternative exchange, the NASD over-the-counter (OTC) Securities Exchange, where 11 Plc moved to after leaving the NGX in 2021.
Also, at the AGM, shareholders expressed confidence in the ability of the new owners to transform the organisation for higher earnings and profitability.
“The rehabilitation of the Abuja Continental Hotel, formerly Sheraton Hotel, is gradually bringing more life to the hospitality firm even as the popular events centre in the iconic hotel is coming up again.
“The coming of 22 Hospitality Limited in the acquisition of a majority stake in Capital Hotel plc is a dream come through as hope of better days for the company has risen,” the Chairman of Noble Shareholders Association of Nigeria, Mr Innocent Nwokocha Peters, said.
On his part, the President of Capital Shareholders, Mr Augustine Ezechukwu, commended 11 Plc for coming to save the company, urging minority investors to remain calm and not panic.
