11 Plc to acquire 51% stake in Capital Hotel

11 Plc has moved to acquire Capital Hotel Plc, which operates mostly in the Abuja hospitality market.

The oil and gas company has received the approval of Capital Hotel’s board of directors to acquire 51 percent stake from the core investor, Hans Gremlin Nigeria Limited.

However, the deal is subject to the latter’s agreement.

The two companies will also have to wait for regulatory approval.

Following the confirmation of the deal, 11 Plc will get the majority shares in Capital Hotel.

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In the statement obtained by Ripples Nigeria on Thursday, the hospitality outfit’s shareholders believe the offer will give them the right competition in Abuja hospitality market.

The 51 percent stake will be sold at N7.00 per share.

This is also subject to confirmation of the Capital Hotel’s shareholders at their Extraordinary General Meeting which is expected to hold soon.

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