![]() ![]() “Tourism is critical to the long-term survival of conservation landscapes across the African continent, to the benefit of the people and the wildlife who depend on them,” Mr Weehuizen added. ![]() “The ACCT Fund is an impact investment vehicle which balances financial goals with a clear conservation and community impact agenda.” “We are very grateful for IFC’s support of this innovative and very important initiative,” said Mr Maarten Weehuizen, Managing Director of the ACCT Fund. IFC expects the investment to also save about 21,200 full-time jobs. Impact investment and advisory group, ThirdWay Partners, and The Nature Conservancy, a global environmental non-profit organization, established the ACCT Fund, a structured debt vehicle, in 2021 in response to COVID-19-related challenges affecting the ecotourism sector.īased on IFC estimates, the ACCT Fund is expected to contribute at least $530 million to economies where it invests through direct, indirect, and induced effects in the agriculture, retail, transportation, and recreational sectors. The fund will also help them refurbish, renovate, and expand their operations, especially where the businesses can achieve meaningful conservation and community development impact. The ACCT Fund will invest in operators of safari camps, hotels, and lodges, helping them address liquidity shortages while recovering from the impact of the COVID-19 pandemic. The investment will support ecotourism businesses in and around conservation areas in East and Southern Africa, with a focus on South Africa, Botswana, Kenya, Namibia, Tanzania, and Zambia. ![]() The International Finance Corporation (IFC) has announced a $13 million investment in the Africa Conservation and Communities Tourism Fund (ACCT Fund) to support the post-pandemic recovery and sustainable growth of sub-Saharan Africa’s ecotourism sector. “The board further agreed that if the new investor accepts the conditions herein stated, an Extraordinary General Meeting (EGM) would be convened to get the approval of the shareholders for this transaction,” the disclosure said. “The board also agreed that in order to balance the interest of Capital Hotels Plc, Hans Gremlin Nigeria Limited and 11 Plc, the transaction could be structured with an offer for sale and offer for subscription subject to obtaining approval required from the regulatory authorities. It was also stressed that 11 Plc will also still have to accept to pay N7.00 for each of the company’s stock, while the current core shareholder, Hans Gremlin Nigeria Limited, will also have to agree to let go of its 50 per cent stake.Īccording to the notice, the main reason for accepting to sell the 51 per cent stake of Capital Hotels to 11 Plc is to enable the company to “offer the right competition in the Abuja hospitality market,” where it operates the Sheraton Abuja Hotel In a statement signed by its company secretary, Mr Alex Ugwuanyi, Capital Hotels, however, emphasised that this transaction would still have to be approved by shareholders of the company. This will mean that 11 Plc will have to cough out about N5.5 billion to acquire the controlling stake of the firm. ![]() The total worth of the hospitality firm on the stock exchange was N3.7 billion at the close of business last Friday as its share price closed at N2.40 per unit.īut in order to achieve its goal of being one of the leaders in the sector, the board wants the new investor to pay N7.00 per share for about 789,877,800 units of the company’s equities, which represents 51 per cent of the total shares. On Monday, June 14, 2021, the board of the company held an emergency and it was agreed that the oil giant can acquire a 51 per cent stake in the organisation.Ĭhecks by Business Post revealed that as at Friday, June 18, 2021, according to information harvested from the Nigerian Exchange (NGX) Limited, Capital Hotels has shares outstanding of 1,548,780,000 units. One of the hospitality companies in Nigeria, Capital Hotels Plc, will soon become highly competitive in the industry if the proposed sale of its 51 per cent stake to an energy firm, 11 Plc, formerly Mobil Oil Nigeria Plc, goes through.ġ1 Plc is considering investing in the company and has held discussions with the board on this and Capital Hotels wants over N5 billion for this to happen. ![]()
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