Business
Ikeja Hotels Returns To Stock Exchange
The Nigerian Stock Exchange (NSE) has given the management of Ikeja Hotels the approval to resume trading after reviewing the two-year suspension placed on the shares of the company on Nov. 10, 2016.
According to a ‘facts behind the restructuring’ document released by NSE Executive Director Regulation, MsTinuade Awe, trading would commence on the shares of the company Monday (today).
The Tide source reports that the exchange, on Nov. 10, 2016, suspended trading on the shares of Ikeja Hotels due to a dispute among the major shareholders.
According to the NSE, the suspension, which is pursuant to the Provisions of Rule 15.45 of its Rulebook, is to safeguard shareholders of the company as the dispute has negatively impacted the company’s governance structure.
Ikeja Hotels Plc, which owns Lagos Sheraton Hotel, was embroiled in a crisis that led to removal of its chairman, Mr Goodie Ibru, early 2015 at an Extra-Ordinary General Meeting (EGM) by some shareholders.
Awe, however, said the new board had complied with the necessary regulatory requirements and had restored the company to the path of recovery.
The members of the board of Ikeja Hotels Plc are: Chief Anthony Idigbe, Dr. Alex Thomopolus, MrWaheedOlagunju, Mr Toke Alex Ibru, MrsFadekeAlamutu, Mr. KunleAluko, Mr. UfuomaIbru and AlhajiAbatchaBulama.
Awe said the exchange was satisfied with the work done by the company so far.
“We are satisfied with the work the Ikeja Hotels have done till date this is an appropriate time to lift the suspension on the trading of the shares of the company.
“The expectation on the direction of the Quotations committee of council is that the trading on the shares will be lifted on Monday.
“The company had its AGM to clear the backlog of certain AGMs. It was this consideration that led the Quotation committee of NSE to decide that it is an appropriate time to lift the suspension,” she said.
Chief Anthony Idigbe, the company’s Chairman, said while the forensic auditing of the company was expected soon, the management would unlock the inherent value of the company’s going concern.
Business
NPA Assures On Staff Welfare
Business
ANLCA Chieftain Emerges FELCBA’s VP
Business
NSC, Police Boost Partnership On Port Enforcement
-
Niger Delta5 days ago
EFCC Praises NDDC’S Performance … Unveils Projects In Bayelsa
-
News4 days ago
RSG Tasks Farmers On N4bn Agric Loan ….As RAAMP Takes Sensitization Campaign To Four LGs In Rivers
-
Opinion5 days ago
Nigerian English As Nation-Building Tool
-
Nation4 days ago
TETFunds’ South Rep Visits CEAPOLY …Unveils Mass Communication Dept Building
-
Sports5 days ago
Spanish Football Fires Entire Refereeing Committee
-
Features4 days ago
Between EFCC And NDDC: Strategic Alliance For Niger Delta
-
News4 days ago
Court Sentences Gospel Singer To Death For Killing Girlfriend In Nasarawa
-
Politics4 days ago
Makinde Renames Polytechnic After Late Ex-Gov