SGX has seen more delistings than IPOs recently. It is a matter of time one of the stocks that we own would be the target of a delisting attempt.
True enough, founder of GP Hotels Koh Wee Meng has offered to buy back shares of his company at $0.365 per share. He has also announced his intention to delist the company.
We want to present our point of view about this delisting and explain why, as shareholders of GP Hotels, we would be rejecting the offer.
GP Hotels own and operate the economy-tier hotel chain, Fragrance. The chain used to owned by sister company Fragrance which is also listed on the SGX but its operations and assets were sold to GP Hotels when the latter went IPO in 2012.
Koh Wee Meng is the founder of GP hotels. According to Forbes, he is the 26th richest man …