The shareholders of the Cyprus Company of Tourist Development (KETA, owner of Hilton) decided on Thursday to reject the proposal of Louis Group for the exchange of KETA shares. At the Extraordinary General Meeting, the vast majority of the 1245 shareholders rejected the proposal for the exchange of 1 share they possess with 30 shares of Louis Public Company.

A Louis Group representative told StockWatch that no other proposal will be submitted at the current stage. “We believe that the proposal was fair, but the shareholders rejected it for their own reasons”, he added. KETA Management has already sent letters to all shareholders, thanking them for “deciding to stay with the company”.

It is noted that the proposal for the exchange of shares had also been rejected by Andreas Leonidou, who holds 0.7% of the share capital and Regallia Holdings & Investments Ltd with a stake of 1.2%. Louis Group holds 82% of KETA.