Published On : 05/08/2023

Spain suspends trading in NH Hoteles, Thai parent offers to buy shares

MADRID/BANGKOK (Reuters) – Spanish stock market regulator CNMV on Monday 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.

The regulator said the suspension was a “precautionary measure” taken “while relevant information on the aforementioned entity is disseminated”.

Minor International, which already owns a 94% stake in NH, said in a separate statement issued after the CNMV’s announcement it would buy outstanding shares on the Madrid stock exchange for a 30-day period at a price no higher than 4.50 euros ($4.97) per share.

Earlier on Monday, 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.

The company did not immediately respond to a request for comment. Its shares rose about 1% to 3.625 euros on Friday.

($1 = 0.9051 euros)

(Reporting by David Latona and Corina Pons in Madrid and Chayut Setboonsarng in Bangkok; Editing by Andrei Khalip)

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