Belfast Telegraph

Hotel firm's debut on main stock markets

By Colm Kelpie

Irish hotel firm Dalata, which owns two hotels in Belfast, has started trading its shares on the main index of both the Irish and London Stock Exchanges.

Yesterday, Dalata said dealing on the main markets began at 8am, and that dealings on the Alternative Investment Market (AIM) in London and the Enterprise Securities Market in Ireland would cease immediately.

The firm is Ireland's biggest hotel chain and owns the Clayton Hotel in Belfast's Ormeau Avenue, and the Maldron Hotel at Belfast's International Airport.

The junior market on the Irish Stock Exchange (ISE) and the AIM in London is traditionally used by smaller companies, and Dalata announced last month that it would be switching.

The company is not raising any funds or issuing new shares in connection with admission.

Dalata had said the move was the best option to take for the company's future development.

Aileen O'Donoghue, ISE director of strategy, said Dalata had successfully used the Enterprise Securities Market as a platform to raise cash from investors.

"The business has scaled up significantly and we are delighted Dalata has decided to join the Main Securities Market which will further enhance their ability to attract investors," Ms O'Donoghue added. "We are looking forward to continuing our strong relationship with the company."

Belfast Telegraph