Five Capital Hotel Directors Resign After 22 Hospitality Acquired 66% Shares

At least five board members of Capital Hotel Plc, the owners of Sheraton Hotel, have resigned after 22 Hospitality Limited acquired 66 per cent of the company’s shares.

Capital Hotel’s principal activities include the operation of hotels and restaurants, recreational facilities, nightclub and a business centre.

Board members including Chief Anthony Idigbe SAN (Chairman); Dr Alexander Thomopulos; Mrs Fadeke Olugbemi; Mrs Helen Da-Souza and Mr Akpofure Ibru have all resigned.

This was revealed on Tuesday in a regulatory filing by Capital Hotel seen by THE WHISTLER.

They have been replaced by the new owners, Messrs Ramesh Kansagra -Non-Executive Director (Chairman); Rishi Kansagra – Non-Executive Director and Ravi Bachu – Executive Director.

Others are “Aminu Abdulkadir- Non-Executive Director; Chief Paul Obi, – Non-Executive Director and Pascal Demarchi – Executive Director.

22 Hospitality was incorporated on 10 May 2021. The new board member are also members of 11Plc, formerly Mobil Oil Nigeria where Ramesh Kansagra is the Chairman, according to findings by THE WHISTLER.

Rishi Kansagra is also a Non-Executive Director at 11Plc.

Capital Hotel said it “wishes to inform its Shareholders and other Stakeholders that 22 Hospitality Ltd has successfully acquired 1,611,995,510 Ordinary Shares of 50 kobo each representing 51 per cent of the equity share capital of the Company through Private Placement. All the required regulatory approvals have been received for the transaction.

“In addition, 22 Hospitality Limited also bought 456,641,337, and 21,562,293 Ordinary Shares of 50 kobo each representing 14.45 per cent and 0.68 per cent of the equity share capital of the Company, from Hans Gremlin Nigeria Limited and Associated Ventures International Limited respectively through Offer for Sale.

“In all, 22 Hospitality Limited has therefore acquired a total of 2,090,199,140 Ordinary Shares of 50 kobo each, representing 66.13 per cent of the equity share capital of the Company through a combination of Private Placement and Offer for Sale.”

The company initially crossed N10bn capitalisation after the conclusion of the 1,611,995,510 ordinary shares of 50 Kobo each per share.

Finding by THE WHISTLER reveals that it is now worth N10.7bn in market capitalistion.