Recently, Grand Hotel (00045) issued an announcement regarding the reorganization of the company and the shareholders of Phataraprasit in HSH-Siam Chaophraya Holdings Co., Ltd. (HSH-SCH) and its subsidiaries. The company owns 50% of HSH-SCH.
The announcement stated that all the prerequisites in the transaction agreement have been fulfilled, and the assets and liabilities of HSH-SCH have also been reorganized. Therefore, the company and Phataraprasit shareholders have terminated their joint venture relationship. The Company, through its subsidiaries, has acquired 50% of the economic benefits of Phataraprasit shareholders in the Peninsula Bangkok and its surrounding land at the consideration of the company's 50% economic benefits and cash considerations in the Thai Country Club and TCC plots. The cash consideration was paid to Phataraprasit shareholders on October 28, 2020.
