KUALA LUMPUR: The majority shareholders of hotel operator Grand Central Enterprises Bhd
(GCEB) have proposed to take the company private and delist it from the Main Market of Bursa Malaysia for 46 sen per share.
In a filing with Bursa Malaysia, GCEB said the proposal was made by Tan Chee Hoe Sons Sdn Bhd (TCHSSB) and Hotel Grand Central Ltd, which collectively hold a 72.65% stake in the company.
TCHSSB is a major shareholder of GCEB through its 48.8% direct equity interest and 23.79% indirect equity interest in GCEB, while Hotel Grand Central is a major shareholder of GCEB through its 23.79% stake.
Hence, TCHS and Hotel Grand Central intend to acquire the remaining 53.87 million shares in GCEB not already held by them for 46 sen per share. GCEB owns five hotels under the Hotel Grand Continental brand.
