11 Plc Nigeria to Acquire Lagos Continental Hotel From Amcon

11 Plc finalized discussions with Asset Management Company of Nigeria to acquire hotel through a unit, it says in statement published on Nigerian Stock Exchange website.

* Acquisition in line with strategy to diversify its interestngiven “current challenging environment” in downstream sector ofnpetroleum industry;
* Says in short term, cashflow and Ebitda “could be under strain” as a result of funds needed to renovate and upgrade the hotel to 5-star branding. Source: Bloomberg