Capital Hotels Plc (Owners of Abuja Continental Hotel) Holds AGM

L-R: Non-Executive Director & Alternate Chairman, Capital Hotel Plc, Barrister Paul Chukwuma Obi and Managing Director, Ravi Bachu during the company’s 42nd Annual General Meeting held  at Abuja Continental Hotel.

…Company posted revenue of N5.3bn representing a 39% growth in 2022

Addressing shareholders at the 42nd Annual General Meeting (AGM) of Capital Hotels Plc, owners of Abuja Continental Hotel, Ravi Bachu, MD/CEO told them that the hospitality company of first choice is poised to take its pride of place in the industry.

“As we climb the market leadership ladder, our focus is to enhance our infrastructure and product offerings to deliver superior service to our guests.

The year 2022 was a turning point in the annals of the Company. A year that debunked an enlargement of the capital base and fast-tracked the infrastructural development of the company. Our focus has been to continue to implement strategies, protocols, and direction for growing the business whilst promoting the health and safety of our employees, guests, and other stakeholders as a major priority of the Hotel.”

Responding at the AGM, Chief Innocent Nwokocha Peters, Chairman Noble Shareholders Association of Nigeria said the coming of 22 Hospitality Limited in the acquisition of majority stake in Capital Hotel plc is a dream come through as hope of better days for the company has risen.

The Chairman added that rehabilitation of the Abuja Continental Hotel, formerly Sheraton Hotel is gradually bringing more life in the hospitality firm even as the popular events centre in the Iconic hotel is coming up again.

Another plus for the new owners is the clearing of all outstanding gratuities of employees of the hotel and new staff given better contact of service.

Acknowledging the loss uncured by the company in 2022 financial year, he said the situation is clearly understandable in view of the deplorable way the hotel was prior to the new ownership and the huge sums of money being expended on its rehabilitation.

On his part, Chief Augustine Ezechukwu, President of Capital Shareholders commended the new management and core investor of majority shareholder in the hotel – 22 Hospitality Limited for the rising improvement and peerless services being rendered by the hotel in recent times.

He said it was not a fluke as the parent company of the new investor – NIPCO Investment had made dramatic positive changes in 11plc, formerly Mobil Oil Nigeria Plc as similar things is gradually creeping into Abuja Continental Hotel.

He pleaded for patience on the part off minority shareholders of Capital Hotel plc stressing more improvement will be seen in the Hotel to translate into more clients and subsequently more revenue.

Also responding, the Chairman of the occasion, Barrister Paul Chukwuma Obi, a non-executive Director  who stood in for Capital Hotel plc, chairman, Ramesh Kansagra was of the view that shareholders will not regret the acquisition of majority stake in the company and subsequent change in top management.

He stated thus: “We did same with our acquisition of 60% 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 LPG plant , re-entry into the Aviation fuel.

Same will be replicated in Abuja Continental Hotel as management and employees are well focused and committed to stellar service delivery.

He allayed the apprehension of minority shareholders and assured them of easy exit but with a caution to think properly before divesting.

“We have the pedigree and capacity to turn things around for the company – Capital Hotel plc.”


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