The Nigerian Stock Exchange (NSE) has lifted a 2-year technical suspension placed on Ikeja Hotel Plc since November 10, 2016.
According to a ‘Facts Behind the Restructuring’ document released by the Executive Director, Regulation, Tinuade Awe Tinuade Awe.
The document made available to Enterprise Television stated that trading would commence on the shares of the company today, Monday, May 21.
Ikeja Hotels Plc, the owner of Sheraton Hotel, Lagos, was caught up in a crisis that led to the removal of Goodie Ibru, its chairman, in 2015 at an extraordinary general meeting (EGM) by some shareholders, also it led to the suspension.
Trading in the shares was suspended because of a dispute among major shareholders of the company.
NSE noted that the suspension, which is in line with Rule 15.45 of its Rulebook, was to protect shareholders as the dispute negatively impacted the company’s governance structure.
She however said the new board has complied with the necessary regulatory requirements and restored the company to the path of recovery and growth.
She said, “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.”
She explained further that the company had its AGM to clear backlogs of AGMs, a consideration that led the quotation committee of NSE to decide that it is an appropriate time to lift the suspension.
Chairman Ikeja Hotels, Anthony Idigbe, said a forensic audit of the company would be carried out soon and the management will strive to sustain investors’ confidence.
The members of the board of Ikeja Hotels Plc are Anthony Idigbe, Alex Thomopolus, Waheed Olagunju, Toke Alex Ibru, Fadeke Alamutu, Kunle Aluko, Ufuoma Ibru and Abatcha Bulama.
Mr Idigbe said the management had been able to settle all the conflicts with the old management, while ensuring that both the management and shareholders operate in the same direction.
Tags: Economy, Federal Government