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Chairman of Global Premium Hotels, which owns Fragrance hotel, to take company private
THE chairman of Global Premium Hotels Limited is planning to take the mainboard-listed company private.
JK Global Capital Pte Ltd, an investment holding company that the chairman Koh Wee Meng owns, is offering 36.5 Singapore cents per share for the shares he does not yet own.
The offer price, which JK Global Capital said is final, represents a premium of 14.1 per cent over the closing price of 32 cents on Feb 20, the last full trading day before the announcement. It is 23.3 per cent above the six-month volume-weighted average price, and 22.9 per above the 12-month figure.
The voluntary cash offer is conditional on JK Global Capital and its concert parties receiving acceptances that bring its shareholding to at least 90 per cent. JK Global Capital said that it has secured irrevocable undertakings representing 71.86 per cent of the total number of issued shares.
Global Premium Hotels is one of the largest Singapore-owned hotel chains, and operates 23 economy-tier and mid-tier hotels under the Fragrance and Parc Sovereign brands with 1,983 rooms in total.