Spanish stock market regulator CNMV has suspended the trading of shares in NH Hotel Group SA pending information from the company, just as its Thailand-based parent company offered to buy NH stocks in the market.
According to Reuters, the regulator said the suspension was a “precautionary measure” taken “while relevant information on the aforementioned entity is disseminated”.
Minor International, based in Bangkok, which already owns a 94% stake in NH, said in a separate statement issued after the CNMV’s announcement that it would buy outstanding shares on the Madrid stock exchange for a 30-day period at a price no higher than 4.50 euros per share.
Earlier on Monday (8 May), NH published its first-quarter results but did not mention Minor’s offer. The group’s net recurring loss halved to 40 million euros from a year ago as it expected demand to remain strong in coming months. (NNT)