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Chagala Group receives cash offer from AIMS

AIMS already has a significant interest in the company, owning a total of 2.35mln depositary interests, equivalent to around 11.26% of the shares in the company
Mergers & acquisitions
The offer letter will contain full details of the procedure for accepting the offer

Kazakhstan-based accommodation group Chagala Group Limited (LON:CGLO) has received a cash offer at US$1.55 per share from a major stakeholder.

The offer is from Asian Investment Management Services (AIMS), which holds an 11.3% stake in the company.

READ: Chagala Group adds to Kazakhstan portfolio​

The offer will remain open for acceptance for a period of 21 calendar days from the date on which the company forwards the offer letter to its shareholders; Chagala said the letter will be on its web site - www.chagalagroup.com/investor-relations/investor-presentations – from 10.00am today.

The directors are standing on the sidelines on this one, making no recommendation as to whether shareholders should accept the offer.

READ: Chagala Group shares suspended as publication of 2017 accounts delayed pending audit completion

Trading in Chagala's shares was suspended at US$1.25 at the beginning of May pending the completion of the audit of its 2017 accounts.

 

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