MHG Continental Holding, a fully owned indirect subsidiary of Thailand’s Minor International Public Company Limited (SET: MINT), plans to purchase the remaining shares of NH Hotel Group S.A. at a rate of 6.37 euros per share. The strategic move is part of a broader plan to delist the company from Spanish Stock Exchanges.
This proposal is subject to validation from shareholders, scheduled on 20 January 2025 and regulatory approval.
Bualuang Securities wrote in its note that the decision to delist NHH is driven by:
- Low free float (4.135%), low trading volume, and limited analyst coverage.
- The desire to reduce regulatory compliance burdens and listing expenses.
- NHH has no plans to raise capital through the equity markets or issue convertible debt.
MINT anticipates the process will be completed by mid-2025.
Bualuang Securities expects MINT will require a budget of 4.36 billion baht to support the share purchase offer, which will be sourced from the company’s reserves and is within the investment budget of 8 billion baht for 2025, as previously communicated to investors.
Bualuang Securities foresees no significant impact on its estimates and maintains a “Buy” recommendation with a target price of THB37.00 per share for long-term investment due to the company’s strong fundamentals.
