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GP Hotels' privatisation bid declared unconditional

GLOBAL Premium Hotels on Thursday said the privatisation offer has been declared unconditional, with the major shareholder controlling 90 per cent of the company's shares.

The hotel chain operator's majority shareholder and real estate tycoon, Koh Wee Meng, had launched a cash offer to take the firm private. At the time of the offer in February, Mr Koh already controlled 71.86 per cent of GP Hotels.

The offer of 36.5 cents a share will remain open for acceptance until 5.30 pm on April 27, 2017.

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