Honeywell affiliate acquires 14.12% stake in Ikeja Hotel Plc

IKEJA Hotel Plc has announced that HGL Real Estate Limited, an affiliate of Honeywell Group Limited, has acquired a substantial equity stake in the hospitality company, increasing its ownership to 14.12 percent.

The disclosure was made in a corporate filing issued on Wednesday and submitted to the Nigerian Exchange Limited (NGX), in line with regulatory requirements on substantial shareholding.

According to the notification, HGL Real Estate Limited acquired 305,323,525 ordinary shares in Ikeja Hotel Plc, representing 14.12 percent of the company’s issued share capital.

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Ikeja Hotel Plc said it was formally notified of the acquisition by HGL Real Estate Limited and has consequently informed the NGX and the investing public of the development.

The company stated that the disclosure complies with the Nigerian Exchange’s listing rules, which require listed companies to notify the market whenever an investor acquires a substantial stake.

The acquisition further strengthens Honeywell Group’s presence in Nigeria’s hospitality sector through its affiliate, although the company did not disclose the value of the transaction or whether the shares were purchased through on-market transactions or privately negotiated deals.

The filing was signed on behalf of Ikeja Hotel Plc by OOT Nominees Limited, the company’s secretary.

The latest transaction comes as investors continue to position themselves in listed hospitality firms amid expectations of improved business activity and stronger performance in Nigeria’s tourism and hotel industry.