By Dipo Olowookere
The nearly two-year suspension placed on the shares of Ikeja Hotels Plc has finally been lifted by the Nigerian Stock Exchange (NSE).
Consequently, equities of the hospitality firm can now be traded by investors on the floor of the NSE from Monday, May 21, 2018.
Executive Director in charge of Regulation at the stock exchange, Ms Tinuade Awe, in a ‘facts behind the restructuring’ document she released, explained that the suspension was removed after the company addressed some issues the regulator raised.
“We are satisfied with the work the Ikeja Hotels has done till date.
“This is an appropriate time to lift the suspension on the trading of the shares of the company.
“The expectation on the direction of the Quotations committee of council is that the trading on the shares will be lifted on Monday (tomorrow).
“The company had its AGM to clear the backlog of certain AGMs.
“It was this consideration that led the Quotation committee of NSE to decide that it is an appropriate time to lift the suspension,” Ms Awe explained.
Recall that on Thursday, November 10, 2016, authorities of the local exchange suspended trading in the shares of Ikeja Hotels Plc on its platform as of a dispute among the major shareholders of the company.
Ikeja Hotels Plc, which owns Lagos Sheraton Hotel, was embroiled in a crisis that led to removal of its chairman, Mr Goodie Ibru, early 2015 at an Extra-Ordinary General Meeting (EGM) by some shareholders.
According to the NSE, in order to safeguard shareholders of the company as the dispute had negatively impacted the company’s governance structure, it suspended the company in pursuant to the Provisions of Rule 15.45 of its Rulebook.
But Ms Awe said the new board had complied with the necessary regulatory requirements and had restored the company to the path of recovery.
The members of the board of Ikeja hotel Plc are Mr Anthony Idigbe, Mr Alex Thomopolus, Mr Waheed Olagunju, Mr Toke Alex Ibru, Mrs Fadeke Alamutu, Mr Kunle Aluko, Mr Ufuoma Ibru and Mr Abatcha Bulama.
Chairman of Ikeja Hotels, Mr Anthony Idigbe, said now the storm was over, the company would put in place a solid structure that would ensure that every issue concerning succession planning was tackled.
According to him, the management would intensify efforts to sustain investors’ confidence and return the company to its leadership position in the industry.
He said while the forensic auditing of the company was expected soon, the management would unlock the inherent value of the company’s going concern, assuring stakeholders that adherence to sound corporate governance, which was the hallmark of every well established hospitality business, would be followed strictly.
Additional information from NAN.
