11 Plc Formerly Mobile Oil Acquires 51% Stake In Capital Hotel
The Board of Capital Hotel Plc has agreed to sell 51 percent stake in Sheraton Hotel and Towers to 11 Plc, formerly Mobile Oil at the price of N7.00 per share.
Capital Hotel, however, said the deal is subject to Hans Gremlin Nig Ltd (the Core shareholder) being given the opportunity to exit 50 percent of its stake in Capital Hotels Plc at the same price.
According to Capital Hotel, the acquisition follows an Emergency Meeting of the Board of Directors held to consider the offer by 11 Plc to purchase 51 percent stake in Capital Hotels Plc.
“The Board agreed to partner with 11 Plc to offer the right competition in the Abuja hospitality market and resolved to sell 51 percent stake in Capital Hotels Plc to 11 Plc at the price of N7.00 per share subject to
Hans Gremlin Nig Ltd (the Core shareholder) being given the opportunity to exit 50 percent of its stake in Capital Hotels Plc at the same price, and on such other terms and conditions as the Directors may deem fit subject to obtaining the approval of the Regulatory Authorities.
“The Board also agreed that in order to balance the interest of Capital Hotels Plc (the Company), Hans Gremlin Nig Ltd (the Core shareholder) and 11 Plc (the Investor), the transaction could be structured with offer for sale and offer for subscription subject to obtaining approval required from the Regulatory Authorities.
“The Board further agreed that if the new investor accepts the conditions herein stated, an Extraordinary General Meeting would be convened to get the approval of the Shareholders for this transaction.”
Mobil Oil Nigeria a listed company on the Nigerian Exchange Limited (NGX) in 2017 changed its name to 11 Plc.
“Dealing Members are hereby notified that Mobil Oil Nigeria Plc has changed its name to 11 Plc (pronounced as “Double One Plc”),” the notice said. This is sequel to the resolution passed by the company’s shareholders at its Annual General Meeting (AGM) held on 24 May 2017., ” the company said.
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