Capital Hotel shareholders hopeful of improved returns
Shareholders of Capital Hotel Plc have expressed optimism that the ongoing transformation by the new owners of the hotel would boost the business and subsequently impact positively the revenue
The shareholders at the 42nd yearly general meeting of Capital Hotel Plc held in Abuja expressed optimism that the improved performance would lift the earnings and improve the welfare of the employees.
Already, the outstanding gratuities of the employees of the company have been settled, while the new staff has been given a better contract of service.
Chairman of Noble Shareholders Association of Nigeria, Chief Innocent Nwokocha Peters, who commended the initiative by the new owners said there is hope for a better future for the company.
He said: “The rehabilitation of the Abuja Continental Hotel, formerly Sheraton Hotel is gradually bringing more life to the hospitality firm even as the popular events centre in the iconic hotel is coming up again.
” The coming of 22 Hospitality Limited in the acquisition of a majority stake in Capital Hotel plc is a dream come through as hope of better days for the company has risen,” he said.
Acknowledging the loss incurred by the company in the 2022 financial year, he said the situation is understandable given the deplorable way the hotel was before the new ownership and the huge sums of money being expended on its rehabilitation
President Capital Shareholders, Chief Augustine Ezechukwu, said the improvement recorded by the hotel in recent times was not a fluke, stating that as the parent company of the new investor – NIPCO Investment had made positive changes in 11Plc, formerly Mobil Oil Nigeria Plc, similar improvement is gradually creeping into Abuja Continental Hotel.
He pleaded for patience on the part of minority shareholders of Capital Hotel plc, stressing that more improvement will be seen in the hotel which would ultimately translate into more returns and profitability.
Chairman of the occasion, and Non-Executive Director, Capital Hotel, Paul Chukwuma Obi assured that shareholders will not regret the acquisition of a majority stake and other changes made in the company.
Obi, who stood in for Capital Hotel Chairman, Ramesh Kansagra, said: “We did the same with our acquisition of 60 per cent equity stake of ExxonMobil in Mobil Oil Nigeria Plc and today the company and its esteemed shareholders are better for it.
“The share price in the stock market has not only gone up but also massive infrastructure upgrade and new business opportunities opened for the company such as Liquefied Petroleum Gas (LPG) plant and re-entry into aviation fuel among others.”
He added that this would be replicated in Abuja Continental Hotel as management and employees are well focussed and committed to stellar service delivery.