HGL Real Estate Limited, an affiliate of Honeywell Group Limited, linked to billionaire tycoon Oba Otudeko, has acquired a 14.12 percent stake in Lagos-listed hospitality provider Ikeja Hotel.
According to a regulatory filing on Thursday, Ikeja Hotel disclosed that it has received notification from the real estate firm that it has acquired 305,323,525 units of the company’s shares, representing a 14.12 percent shareholding. Making HGL Real Estate Limited its second-largest shareholder.
Based on Thursday’s closing share price, the firm’s holding in Ikeja Hotel is valued at over N13.2 billion.
The share purchase positions HGL Real Estate among the top seven shareholders of the company, ranking second only to Oma Investments Limited, which holds the top spot with a 25.8 percent stake.
In May 2023, Honeywell Group announced the appointment of Kemi Adeoye, its chief financial officer, to the board of Ikeja Hotel as a non-executive director.
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