HomeLocal NewsGrand Central Hotel, Kano fulfils all purchase agreement covenants - BPE

Grand Central Hotel, Kano fulfils all purchase agreement covenants – BPE

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The Bureau of Public Enterprises (BPE), says Grand Central Hotel, Kano has fulfilled all covenants stipulated in the Share Sale and Purchase Agreement (SSAP), thereby delisting it from BPE’s routine monitoring activities.

BPE’s Head of Public Communications, Amina Othman, said in a statement on Thursday in Abuja that a discharge certificate was issued to the hotel’s top management at a ceremony in Abuja.

He explained that the Director-General of BPE, Mr Alex Okoh, while presenting the certificate said that the ceremony was a positive attestation to the privatisation and commercialisation programme of the Federal Government.

“This ceremony is in line with our extant practice and the recent approval of the National Council on Privatisation (NCP) at its meeting held on Feb. 25

“It stated that the Kano Central Hotel be delisted from BPE monitoring activities having satisfactorily achieved covenants stipulated in the Post-Acquisition Plan (PAP),” he said.

Okoh said that he was delighted that Broadfield International limited, owners of the hotel had fulfilled and exceeded the performance obligations spelt out in PAP.

The Federal Government through BPE had in 2005, divested 100 per cent of its shareholding in Grand Central Hotel, Kano to Broadfield International Limited through Asset Sale.

Then, Broadfield International was required to submit a PAP which was annexed to the SSAP and signed by the Core investor.

The News Agency of Nigeria (NAN) reports that BPE was established under the provisions of the Public Enterprises (Privatisation and Commercialisation) Act of 1999.

It is to drive the Federal Government’s programme of privatising public enterprises, carrying out sector reforms and liberalizing key economic sectors. (NAN)

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