• June 15, 2024

Shareholders Approve Hotels Demerger

 Shareholders Approve Hotels Demerger
Timon Schneider/Wirestock

Shareholders on May 6 approved ITC’s plan to demerge its hotels business, reports Reuters.

The company, which has a substantial cigarette business, announced the demerger plan in July last year and later said that the new entity would be tentatively listed.

In May, proxy advisory firms Stakeholders Empowerment Services and InGovern Research Services asked shareholders to support the proposal, while Institutional Investor Advisory Services opposed the move.

The hotels business contributed 4 percent to ITC’s fiscal year 2024 revenue, while its mainstay consumer staples business made up 71 percent of the topline.