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Capital Hotels Plc to delist from NGX as company explores strategic opportunities

Capital Hotels Plc to delist from NGX as company explores strategic opportunities

Sheraton

Capital Hotels Plc has disclosed a delisting of all of its shares from the main board of the Nigerian Exchange (NGX).

In an explanatory statement sent to Nigeria Exchange Limited which was seen by Nairametrics, the company said the purpose of delisting is to enable the company to explore strategic opportunities.

An excerpt from the statement reads:

Conditions for delisting

The company noted that the final decision to delist from the NGX is subject to final resolution from the board of directors after the shareholders had voted in favor of the delisting during the AGM held on 17th May 2023.

Once the transaction is approved by the NGX with the Securities and SEC duly notified, the shares of the company shall be removed from the daily official list of the NGX.

More excerpts from the letter read:

According to the audited financial statement of the company for the year ended 31st December 2022, 22 Hospitality Limited is the majority shareholder with 66.13% holding.

The company also noted that the delisting won’t have any impact on the existing employment contracts of its staff as well as the composition of the Board of Directors of the company.

The delisting of shares of Capital Hotels Plc will take effect from August 31, 2023.

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