The Nigerian Exchange Limited (NGX) has officially placed a full suspension on the trading of Capital Hotels Plc shares as part of the company’s delisting proceedings. This action comes as Capital Hotels seeks to explore strategic opportunities, and the NGX has given its approval to facilitate the delisting process.
In an official statement, the NGX stated, “We refer to our market bulletin of 1 November 2023 with reference Number: NGXREG/LRD/MB55/23/11/01 wherein the Market was notified of the full suspension placed on trading in the securities of Capital Hotels in preparation for the delisting of the Company. Following the approval of the Company’s application to delist its entire issued share capital from the NGX, please be informed that the entire issued share capital of Capital Hotels was on Friday, 3 November 2023, delisted from the Daily Official List of NGX.”
The decision to delist Capital Hotels was initially disclosed in a corporate filing statement sent to the NGX in September. As part of the terms provided by the exchange to proceed with the delisting process, Capital Hotels was required to open an escrow account. This escrow account is intended to facilitate the payment of shareholders who have agreed to exit as a result of the delisting.
Capital Hotels’ move to delist from the NGX signals the company’s intent to explore new avenues and opportunities. The suspension of trading in its shares is a significant step in this process, as it paves the way for the company to assess and pursue strategic options that align with its business objectives and growth plans.
The NGX’s approval of the delisting application indicates its support for Capital Hotels’ strategic vision and its commitment to enabling a smooth transition during this pivotal phase in the company’s evolution. The future holds exciting possibilities for Capital Hotels as it seeks to redefine its path in the dynamic business landscape.
