Honeywell Group acquires 14% stake in Ikeja Hotel

By Peter Egwuatu

Honeywell Group Limited, has acquired a 14.12 percent stake in Ikeja Hotel Plc.

This was disclosed in a statement sent to the Nigerian Exchange Limited, NGX by Ikeja Hotel Plc and signed by the company secretary,OOT Nominees Limited on Thursday.

The company, in the statement stated: “Ikeja Hotel Plc (the company) hereby notifies the Nigerian Exchange Limited and the general public that it has received notification from HGL Real Estate Limited, an affiliate of Honeywell Group Limited that it has acquired 305,323,525 units of Ikeja Hotel Plc’s shares representing 14.12% shareholding in the Company.”

The Ikeja Hotel did not disclose the value of the transaction, findings show that the shares may amount to N13.2 billion based on the share price of the hospitality company at the end of trading in the Nigerian stock market on Thursday.

It should be noted that Honeywell Group, the parent company of Barbican Capital, has investments in various sectors, including energy, real estate, services, and infrastructure.

Also, Barbican Capital was the former major shareholder in First HoldCo before Otudeko sold his shares, following a leadership tussle with Femi Otedola, the current majority investor and chairman of the financial institution.