11 Plc Wants to Buyout Shareholders of Abuja Hospitality Business, Capital Hotel

11 Plc Wants to Buyout Shareholders of Abuja Hospitality Business, Capital Hotel

  • Capital Hotel might soon belong to 11 Plc as the petroleum company tender offer to acquire majority stake in the hospitality business located in Abuja
  • 11 Plc plans to purchase 51% stake, from the core investor, Hans Gremlin Nigeria Limited, which will be sold at N7.00 per share according to a statement
  • The oil and gas company is waiting on Hans Gremlin, shareholders of the hotel, and relevant regulatory bodies to approve the offer

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Oil & gas company, 11 Plc, has offered to buyout the core investor of Nigerian hospitality firm, Capital Hotel, in order to takeover control of the relaxation business.

11 Plc, formerly called Mobil, is eyeing the 51% majority stake held by Hans Gremlin Nigeria Limited in the hotel, and the board of Capital have agreed to the offer in a statement.

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The shareholders of the hospitality business haven't accepted the offer year, as they await for Hans Gremlin to approve the deal. Upon agreement, the 51% stake will be sold at N7.00 per share.

11 Plc Wants to Buyout Shareholders of Abuja Hospitality Business, Capital Hotel
11 Plc, formerly called Mobil. Photo: Epics
Source: Getty Images

But not before relevant regulatory bodies in the oil & gas, as well as the hospitality business, including the Security and Exchange Commission, sign off on the deal.

Afterwards, the shareholders will hold an extraordinary meeting to deliberate and consider the offer from Ramesh Kansagra's oil company. He belongs to the rich UK-based Asian family, Kansagra.

His networth, and that of his brother, Bhupendra, are jointly estimated at £600 million. Ramesh is the chairman of 11 Plc.

Meanwhile, Legit.ng had reported that Nestle Nigeria received over N1.43 billion from its majority shareholder, Nestle S.A in two days, as the latter moves to solidify its position.

In over three months, Nestle S.A invested over N4.70 billion into the Nigerian subsidiary, as the Switzerland-based company maintains its presence in the local market

The continuous investment from Nestle S.A shows the confidence the majority shareholder has in the beverage manufacturer

Source: Legit

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