The chairman of Capital Hotel Plc, Anthony Idigbe, has unveiled the company’s plan to raise about N44 billion additional funds by way of public offer through debt or equity to enable it refurbish existing assets.
Idigbe stated this at the company’s virtual meeting on ‘Facts Behind the Figures’ held on the Nigerian Stock Exchange (NSE) in Lagos.
He said the company will raise about N44 billion in tranches.
According to him, “the company will invest in that renovation of other rooms and public areas on completion of the first tranche of 97 rooms of the facility. The renovation is currently funded from internally generated revenue to enhance the hotel’s outlook and make it a hospitality destination in Abuja and its environs.
“We have improved the capacity of our management. We are able to push the direction of the operators to manage cost well and drive the strategy of the company towards best practices and good corporate governance.”
The chairman assured stakeholders that, with the composition of the board, made up of experienced persons from various sectors of the economy, the company would become one of the best in the industry to meet shareholders’ expectations in post-pandemic era.
The CEO of NSE, Mr Oscar Onyema, commended the management of Capital Hotel for championing the maiden edition of this vital series given that the market is driven by timely, relevant and accurate information.
In spite of the challenging business environment, Capital Hotels has consistently delivered value to shareholders as evident in its dividend policy over the last three years and demonstrated by a final dividend of five kobo per ordinary share for 2019. The company also recorded a profit after tax (PAT) of N401.7 million in its 2019 operations, against N379 million made in the corresponding period in 2018.