The offer is being carried out by Giant Mauritius in conjunction with a Thai nominee company, Hotel and Property Development Co, in order to accomodate Thai law on foreign ownership limits. Given the imputed priceearnings ratio is 225 times, the offer looks set to succeed.
Credit must go to the Thai owners of Grande Asset for not only offloading external bank debt of $260 million, but in addition obtaining a cash sales price of $160 million. Only six months...
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