BRITISH INTERNATIONAL SCHOOL, PHUKET
BRITISH INTERNATIONAL SCHOOL, PHUKET
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Anantara Phuket among B3.5bn Minor resorts deal to Abu Dhabi Development Fund

Anantara Phuket among B3.5bn Minor resorts deal to Abu Dhabi Development Fund

PHUKET: The Anantara Layan Phuket Resort is one of five properties in Thailand of which Minor International Public Company Limited (MINT) has sold 40% of shares to the Abu Dhabi Fund for Development (ADFD).

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By The Phuket News

Sunday 2 January 2022, 05:16PM


Photo: Anantara Layan Phuket Resort

Photo: Anantara Layan Phuket Resort

In a deal reported with an aggregate selling price of US$104.8 million (about B3.5 billion), the shareholding structure will be in a new joint venture, with 60% held by MINT and 40% by ADFD, said a release announcing the deal issued on Dec 22.

The other four properties are the Anantara Riverside Bangkok Resort, Avani+ Riverside Bangkok Hotel, Riverside Plaza Bangkok and Four Seasons Resort Koh Samui.

“This valuation reflects ADFD’s strong confidence in MINT asset management performance and the future economic projections for Thailand’s tourism sector,” said the release.

“The net proceeds from the sale of 40% MINT’s interest in these five assets are primarily intended for deleveraging and strengthening of MINT’s balance sheet position. These five assets will continue to be operated under the existing brands and under the control of MINT,” the release added.

ADFD was described as a “government linked entity” established in 1971 which has invested in more than 500 projects and companies with more than US$40 billion in assets.

The fund focuses on two investment areas: liquidity management through various financial instruments including bonds and bank deposits, and equity through full ownership or equity sharing in partnership with public or private companies, the release explained.

“ADFD’s investment strategy is to invest in companies that play a crucial role in stimulating economic growth and creating job opportunities across key strategic sectors such as tourism, industry, holding companies, real estate and private equities.” it added.

Dillip Rajakarier, Group CEO of Minor International commented, “The transaction signifies our continuous commitment to strengthen our balance sheet and solidify our liquidity position to ensure that we are poised for the recovery to come.

tile-it - Phuket’s Quality Tile Boutique

“MINT is pleased to be in a long-term partnership with ADFD and is looking forward to working together in the future to bolster impact in the countries in which we operate,” he said.

His Excellency Mohamed Saif Al Suwaidi, the Director General of ADFD expressed, “The tourism sector has long been a vital driver of Thailand’s economy and a large component of Thailand’s employment base.

“Despite the current volatility from COVID-19, ADFD is looking beyond the pandemic and believes in the long-term trajectory of Thailand’s tourism sector.

“This is our first foray in [the] Thailand market, and we are very excited to partner with MINT. Moreover, given MINT’s leading position as the strongest hospitality operator in Thailand, ADFD is proud to form this long-term investment partnership which complements our investment strategy to collectively promote economic growth of our partner countries.”

Minor International is a global company focused on three core businesses: hospitality, restaurants and lifestyle brands distribution.

MINT is a hotel owner, operator and investor with a portfolio of over 520 hotels under the Anantara, Avani, Oaks, Tivoli, NH Collection, NH Hotels, nhow, Elewana, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor International brands in 56 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe, South and North America.

MINT is also one of Asia’s largest restaurant companies with over 2,300 outlets system-wide in 23 countries under The Pizza Company, The Coffee Club, Riverside, Benihana, Thai Express, Bonchon, Swensen’s, Sizzler, Dairy Queen and Burger King. MINT is one of Thailand’s largest distributors of lifestyle brands and contract manufacturers. Its brands include Anello, BergHOFF, Bodum, Bossini, Charles & Keith, Esprit, Joseph Joseph, Radley, Scomadi, Zwilling J.A. Henckels and Minor Smart Kids.

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christysweet | 03 January 2022 - 18:14:07

Dear Minor  Internl.,   Please stop using the  wetlands on Soi 7 as a dump.  I know it's you as I've taken invoices off the  packaging and followed a truck  back to the site. I sent an email  but got no reply .  

 

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