By Adedapo Adesanya
After delisting its shares from the Nigerian Exchange (NGX) Limited, Capital Hotels Plc has joined the NASD Over-the-Counter (OTC) Securities Exchange, Business Post reports.
“We are pleased to inform you that the shares of Capital Hotels Plc have been admitted to trade on the NASD OTC Securities Exchange,” a statement from the alternative bourse confirmed this development.
Capital Hotels Plc, with a market capitalisation of N15.46 billion, dematerialized 3,160,775,510 units of its issued shares to be traded on the exchange at N2.40 per unit.
The entire share capital of the company was admitted for trading via the security admission route on Friday, April 5, 2024, this newspaper learned.
A leading player in the hospitality sector, Capital Hotels Plc primarily focuses on hotel operations ranging from accommodation to food and beverage services.
With the admission, the company is expected to get more exposure to the public and give investors more stock options and investment opportunities.
The company will trade on the unlisted securities bourse with the ticker SDCAPHOTEL with its International Securities Identification Number (ISIN Code) NGSDCAPHOTE7 and has been listed in the red category on the exchange.
The bourse announced that the Securities and Exchange Commission (SEC) codified a rule on trading public unlisted securities in 2014 which declared that only transactions executed on public (SEC registered) platforms are valid.
In line with these rules and in support of enabling liquidity in the market, NASD OTC provides the perfect landing platform for new admittances.
Established on January 1981 as a private limited liability company, Capital Hotels transitioned into a public liability company (Plc) on May 31, 1986.
The firm left the NGX last year after buying out the shares held by minority investors. It later opened an escrow account for the payment.
