Mulpha bids for control of Australia’s Grand Hotel Group
Malaysian owned property group Mulpha International Bhd has made a bid to take control of publicly-traded Australian luxury hotel group the Grand Hotel Group.
Mulpha has said that it wants to own at least 50.1% of the Grand Hotel Group or a maximum of 60%.
The Grand Hotel Group owns nine hotels made up of four Hyatt hotels, three Country Comfort and two hotels operated under the Chifley portfolio.
Mulpha told Bursa Malaysia on Friday that the Grand Hotel acquisition will further expand its presence in Australia’s hotel and property industry with Mulpha offering A$0.85 per Grand Hotel share for 260 million stapled shares, through its Australian arm company, Mulpha (SPV1) Pty Ltd.
Mulpha has entered into a placing agreement and proxy agreement with Hong Kong property group Sun Hung Kai International, so that if Mulpha secures more than 60% of the Grand Hotel Group, the remainder would be sold to Sun Hung Kai International Ltd at the same price.
Leading Australian investment bank Babcock and Brown Australia Pty Ltd also agreed to sell its 15% Grand Hotel stake of approx 39 million shares to Mulpha, as part of its pre-bid acquisition.
The purchase would be funded by a combination of existing cash and undrawn credit facilities from an Australian bank.
Mulpha began its hotel operation business in Australia in 1999 and currently owns two hotels which are the Sydney InterContinental Hotel and the Hayman Great Barrier Reef and also owns two property development business at Sanctuary Cove in Gold Coast and the Norwest Business Park in Sydney.
Report by The Mole
John Alwyn-Jones
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