Mass Resignation At Sheraton's Capital Hotel, As Indian Owner Takes Over
Ramesh Kansagra, Chairman of 22 Hospitality Limited. Photo Credit: Business insider India

Mass Resignation At Sheraton’s Capital Hotel, As Indian Owner Takes Over

2 years ago
1 min read

The board of Capital Hotel Plc resigned from their position after 22 Hospitality Limited acquired a majority stake in the company through private placement.

22 Hospitality Limited acquired 2,090,199,140 Ordinary Shares of 50 kobo each, representing 66.13% of the equity stake in Capital Hotel, which began its Sheraton Abuja Hotel business in January 1990.

About 1,611,995,510 shares from the acquired stake, representing 51% of the equity share capital of Capital Hotel, were bought from private placement, while 456,641,337 shares, which equates to 14.45%, was bought from Hans Gremlin Nigeria Limited through Offer for Sale.

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A document obtained by Prime Business Africa from the capital market authority, Nigerian Exchange Limited (NGX), also disclosed that 21,562,293 shares of the total acquired stake were purchased from Associated Ventures International Limited through Offer for Sale. 

It was gathered that the acquisition led to resignation of five board directors; Anthony Idigbe (Chairman); Alexander Thomopulos; Fadeke Olugbemi; Helen Da-Souza; and Akpofure Ibru. 

They were replaced by Ramesh Kansagra, Non-Executive Director (Chairman); Rishi Kansagra – Non-Executive Director; Ravi Bachu – Executive Director; Aminu Abdulkadir- Non-Executive Director; Chief Paul Obi, – Non-Executive Director; and Pascal Demarchi – Executive Director.

The Kansagra family are known for investment in oil and property markets. Ramesh is also the chairman of 11 Plc, formerly Mobil Oil Nigeria, which acquired Lagos Continental Hotel through its subsidiary company, 11 Hospitality Limited.


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