Capital Hotels Plc

[BLUEMONEY]

I heard this company was listed on the NSE yesterday. I have searched for the thread but could not find it so i decided opened this one. if it already exists, Please Moderators, do Justice to it. thanks.


Capital Hotels list/sell N4.1 billion on the NSE
Posted Thursday, August 14, 2008

-proposes 5 Kobo dividend





Capital Hotels Plc (Abuja Sheraton Hotels) has listed N4.1 billion worth of shares on the Floors of the Nigerian Stock Exchange (NSE) today in Lagos Nigeria.



The Company listed by way of introduction and special sale of 637,919,840 Ordinary Shares of 50 Kobo each at N6.50 Kobo per share.



However, the listing followed a sale of the company’s 637,920,240 Ordinary Shares of 50 Kobo each at N6.50 Kobo per share by the Federal Government of Nigeria (FGN) through the Bureau of Public Enterprises (BPE) to the general public.



It is also affirmed that the sale shall be allocated and sold in the six geopolitical zones on the Trading Floors of the NSE.



However, the shares would first and foremost be listed and sold on August 14, 2008 at the NSE in Lagos Nigeria.



The other geopolitical zones Trading Floors of the Exchange; where the shares of Capital Hotels would be sold include, Abuja; August 21, 2008, Kano & Port Harcourt August 28, 2008 and Yola, Onitsha & Ilorin on September 04, 2008.



In his welcome address, Goodie Ibru, Chairman of Capital Hotels at the listing of the company’s shares on the NSE affirms that Capital Hotels was the third company to be listed in the Hotel and Tourism sector of the Exchange.



“Before it, The Tourist Company of Nigeria Plc (the owning company of Federal Palace Hotel, Lagos) and Ikeja Hotel Plc (the owing company of Sheraton Lagos Hotel & Towers) had been admitted into the same sector of the Exchange in 2004 and 2007 respectively. All three companies belong to the Ikeja Hotel family” Ibru said.



In the same vein, the company has proposed a 5 Kobo dividend payout to its investors. “The Directors have proposed for the approval of the shareholders at the Annual General Meeting (AGM) a dividend of 5 Kobo per share” he affirmed.



Ibru further affirmed that the Financial Year Ended (FYE) December 31, 2007, the company recorded a Turnover of N2.81 billion. While Profit before Tax (PBT) was N260.3 million.



The unaudited management result for the six months ended June 30, 2008 showed that Total Revenue for the period was N1.82 billion. While Turnover was N1.71 billion.



PBT was N367.5 million compared to N213.7 million for the same period in year 2007 indicating an increase of 72 percent in the review period.



Ibru affirms that the result of the year reflects the highly competitive nature of the hotel business in the Federal Capital Territory.



As at the time of filling in this report, the detailed results of the company were not made available to Proshare NI.