Minor ups stake in Australian business
31 Oct 2015 at 02:18
SET-listed Minor International Plc (MINT), a hotel and hospitality operator, has spent 1.15 billion baht to acquire a greater share of its food business in Australia, the company said in a release.
The move increased Minor International's stake in Minor DKL Food Group Pty to 70% from 50%.
Minor DKL runs 439 restaurants including 386 Coffee Club locations, 13 Ribs and Rumps outlets and 40 other venues under various brand names.
Minor International director Paul Charles Kenny said the investment was part of the company’s strategic expansion in the restaurant business and would enable the group to gain a controlling stake in a business it has owned since 2008.
Bank loans funded the deal.
Started in 1978 with a single beachfront resort in Pattaya, Minor’s operations now span more than 120 hotels and resorts, 1,700 restaurants and 290 retail outlets.
MINT shares closed yesterday on the Stock Exchange of Thailand at 30.50 baht, unchanged, in trade worth 208 million baht.