Thai Airways International (TG, Bangkok Suvarnabhumi) is set to dispose of its 24% stake in Royal Orchid Hotel (Thailand) Public Company Limited (ROH) for a total of THB922.5 million baht (USD29.2 million).
In a filing to the Stock Exchange of Thailand (SET), Grand Asset Hotels and Property said it would acquire the carrier's 22,500,000 shares in ROH for THB41 (USD1.30) per share. The acquisition will be put to Grand shareholders during the next Extraordinary General Meeting scheduled this year.
Thai said that following the sale, which garnered board approval on January 24, ROH would effectively cease to be a unit of the carrier conglomerate.
The carrier has already committed itself to the disposal of non-core assets as part of a long-running restructuring programme.
