Grand Central Enterprises Board to Endorse Go-Private Offer

MT Newswires Live07-23

Grand Central Enterprises (KLSE:GCE) said its board agreed to undertake a proposal to delist the company's shares following a privatization offer, according to a Tuesday Malaysian bourse filing.

The majority shareholders of Grand Central-Tan Chee Hoe & Sons and Hotel Grand Central (SGX:H18)-are offering to buy the shares they do not yet own at 0.46 ringgit each.

The offerors argued that Grand Central has been incurring losses for 10 straight financial years, and privatizing it would be a better move.

MainStreet Adviser was appointed as the independent adviser to weigh the offer.

The board will now submit the proposal for shareholders' consideration, and Grand Central shareholders will vote at an extraordinary general meeting.

Shares jumped about 23% on Tuesday's close.

Price (SGD): S$0.46, Change: S$+0.09, Percent Change: +22.97%

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