Sheraton’s Parent Company Battles Mass Resignation

Capital Hotels Plc, the parent company of Sheraton, has been hit with a mass resignation, as its entire board exited the company. This development follows the conclusion of its N14 billion acquisition by 22 Hospitality Limited.

In a notice to the investing public cited by Topnewsnaija, it was disclosed there-in that the board, which comprised Anthony Idigbe (Chairman), Alexander Thomopulos, Fadeke Olugbemi, Helen Da-Souza, and Akpofure Ibru, resigned from their positions in Capital Hotels as a result of the acquisition.

In a development that signaled the ushering in of a new era, Capital Hotels immediately announced the appointments of a new board, whose members were identified as -Messrs 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.

What you should know about the acquisition of Sheraton’s parent firm, Capital Hotels

• 22 Hospitality Limited, a company owned by Kansagra family, purchased a 66.13% equity stake in Capital Hotel.
• Representing 2,090,199,140 Ordinary Shares of 50 kobo each, the newly-puchased equity stake was valued around an estimated N14 billion.
• It was acquired from Hans Gremlin Nigeria Limited, Associated Ventures International Limited and in a private placement.
• As seen in a document addressed to the investing public, 1,611,995,510 shares, representing a 51% stake were acquired in a private placement.
• Hans Gremlin Nigeria Limited sold 456,641,337 shares, representing 14.45%, to 22 Hospitality Limited, and Associated Ventures International Limited sold 21,562,293 shares (0.68% stake), to the company.