Capital Hotels, owner of former Sheraton Hotel, says it is delisting from the Nigeria Exchange Limited.
– Key points to note
The decision was approved by the company’s board of directors at a meeting on March 29, the company said in a regulatory notice on Monday.
“The Board of Directors of the Company also approved the delisting of Capital Hotels Plc from the Nigerian Exchange Limited (NGX) subject to approval by the Shareholders,” it said.
Last September, 22 Hospitality Limited bought 66.1% controlling stake in Capital Hotels Plc for over N11 billion. Hans-Gremlin Nig. Ltd., the previous owner, now owns 10.54%.
Capital Hotels has reported losses in the last three years. It posted a loss of N159.9 million for 2022. The reported loss and delisting mean the company remain troubled despite its fundraising last year.
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Capital Hotels Plc was incorporated on Jan. 16, 1981, as a private limited liability company. It went public on May 31, 1986. Its hotel (formerly known as Sheraton Abuja Hotel and managed by Marriott International) commenced business in January 1990.
The hotel is now managed by Capital Hotels Plc and trading under the name of Abuja Continental Hotel.
The company is also owned by Bank of Industry Limited, Ministry of Finance Incorporated, Nigeria Re-insurance Corporation and Continental Energy Resources Limited.
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