Grande Asset Hotels and Property PCLPrivate▼ Negative
Capitalrelevance
Defaults on bond interest payment and postpones shareholder meeting due to insufficient quorum, indicating severe liquidity problems that threaten the hotel buyback deal.
Grand Asset Hotels and Property, or GRAND, has postponed its first extraordinary general meeting of shareholders for 2026 because only 13 shareholders and proxy holders attended, falling short of the 25 required by the company’s regulations, even though the shares represented accounted for 64.38% of total shares. The meeting did not consider key agenda items on issuing convertible bonds and increasing registered capital. At the same time, GRAND also reported a default on the 17th interest payment for its GRAND254A bonds, amounting to 14,733,991.13 baht, which fell due on the same day, and has requested a 15-day grace period along with default interest. The default reflects severe liquidity problems and is expected to affect the plan to buy back the Royal Orchid Sheraton Hotel and Towers, valued at 4.873 billion baht, from the GROREIT trust within August this year, under an agreement deferred from 14 July 2026.
Defaults on bond interest payment and postpones shareholder meeting due to insufficient quorum, indicating severe liquidity problems that threaten the hotel buyback deal.