National Exchange Commission (CNMV) The listing of NH Hoteles remains suspended and paralyzed this Monday, while Minor International, the majority shareholder of the publicly traded company, which already owns 94,132% of the shares, does not clarify its reasons for buying more shares at a 30-day price. not higher than 4.5 euros per unit. The Thai group announced the move this Monday via its website. regulator blocked Monday morning around 12 change of hotel titles pending new relevant information, Without mentioning that it’s about Minor’s announcement. A new statement this Tuesday afternoon cleared doubts. Spanish market regulators feel that the reasons put forward by Thais prevent minority investors from assessing their intentions and making an informed decision.
CNMV reported mid-session suspension of NH around 12:00 pm this Monday.. At that time, the company’s shares were trading at €3.62, up 0.97%, and the capitalization was around €1,300 million. Announcing its results for the first quarter of the year, the hotel group reminded that the January-March period was the “weakest” period due to the seasonality of the business, after announcing a loss of 36 million. This shows that their total revenues jumped to 407 million euros in the first quarter, up 74.2% compared to the same quarter of 2022, which was affected by the restrictions of the Omicron variant of Covid. With this volume of revenue, NH exceeds 15.4% of revenue in Q1 2019 in the absence of a pandemic.
After the presentation of the results, Minor posted his decision on his website. to purchase additional shares from the market at a price not exceeding EUR 4.50 per share for a period of thirty (30) days. The company has stated that it has no intention to buy more NH shares in the market after this. “Our decision to acquire additional shares reflects our confidence in NH’s ability to continue to generate value in synergy in the near future,” said Dillip Rajakarier, CEO of the group.
The Thai group assures that its interests are to strengthen the actions of the company, although its purpose is unclear. “The reasons that Minor disclosed are very general. There may be accounting or financial reasons behind this move.“There may also be a call to attract other investors,” says XTB analyst Joaquín Robles. Robles says.
big corporate umbrella
NH Hotel Group, a subsidiary of Minor Hotels, is one of the most important city hotel companies. Europe and America, where it operates more than 350 hotels. Led by Ramón Aragonés, the company has been working together since 2019 with Minor Hotels, which operates in more than 50 countries around the world, to unite their commercial hotel brands under the same corporate roof. Together they have a portfolio of more than 500 hotels operated under eight brands: Anantara, Avani, Elewana, Oaks, NH Hotels, NH Collection, nhow and Tivoli.
Right now, The group’s liquidity is more than 480 million EurosAfter the remaining 50 million of the 250 million ICO loans received during the pandemic were voluntarily repaid last January. Net financial debt is €340 million, representing an increase of €33 million.
2018 offer
The Minor isn’t its first launch in NH’s capital. The Thai group launched a takeover bid for the hotel company at 6.3 euros per share in 2018, which meant the company reached a valuation of 2,500 million euros. The Thai firm entered NH in May 2018 after reaching an agreement with the Oceanwood fund to purchase a 30 million share bundle.represents an 8.6% stake in the capital up to 6.4 euros per share. Later, Minor took over 26% of Chinese group HNA and initiated a takeover bid for 100% of the chain.