Minor International was founded in 1976 as Royal Garden Resorts following the acquisition of a small hotel in Pattaya with 30 bungalows and 27 rooms that had previously been a popular rest and recreation center for American servicemen. Over the next thirty-five years, this original complex was renovated several times as it was progressively enlarged to its current size of 292 rooms.

In 1988, the Company was listed on the Stock Exchange of Thailand to provide capital for new projects. The first of these projects was the 16,000 sm Royal Garden Plaza shopping center that opened in 1992 adjacent to the hotel in Pattaya. In the same year, RGR also acquired 20% of the Marriott Royal Garden Riverside Hotel in Bangkok and 26% each in the Royal Garden Resort Hua Hin and Royal Garden Village Hua Hin.

In 1993, the Company opened the Ripley’s Believe It or Not Museum at the plaza in Pattaya to provide a major tourist draw in the area. A second museum was later added in 1997 in Hongkong at the Peak Tram in a joint-venture with the Hongkong & Shanghai Hotel group.

The Company expanded its hotel operations in 1995 through a share swap that allowed it to acquire the balance of the two Hua Hin properties and bring its stake up to 100%. It also opened the luxurious Regent Resort Chieng Mai that is now recognised as one of the world’s leading resorts.

This expansion policy accelerated in 1998 and 1999 with the acquisition of a 30% interest in the Regent Bangkok Hotel and the increase in the Company’s stake in the Marriott Royal Garden Riverside Hotel to 51%. The year 1999 also saw the founding of the Mandara Spa Thailand, which has since become Thailand’s premier spa operator.

In 2000 and 2001, RGR continued to increase its equity position in its existing properties with its position in the Marriott Royal Garden Riverside reaching 74%, and the Regent Chieng Mai 45% (directly and indirectly). The Company also acquired 72 rai of freehold land on Koh Samui for development of a new five-star resort.

RGR also expanded its existing relationship with Marriott International in 2001 by completing the re-branding of the two Royal Garden Resorts in Pattaya and Hua Hin to Marriott Resort & Spa’s. At the same time, the Royal Garden Village Hua Hin became The Anantara Resort & Spa following an extensive renovation and expansion. In September 2001, RGR acquired 30% of the Minor Food Group Pcl in a tender offer while December saw the opening of the new 265 room JW Marriott Phuket Resort & Spa

In 2002, the Marriott Phuket Vacation Village opened alongside the JW Marriott Phuket Resort & Spa offering a purpose built timeshare resort. This opening was soon followed by the acquisition of the 110 room Baan Boran Resort in Chiang Rai that sits on 800 rai of tropical gardens and bamboo rainforest. Following an extensive renovation, this property was opened as the Anantara Golden Triangle in late 2003.

The Company raised its equity interest in mid-2003 in the Minor Food Group to 98% through a tender offer and began to consolidate its results from 3Q 2003 onwards. In October 2003, the first international Pizza Company franchised restaurant opened in Kuwait signaling the start of new business for the group. During the course of the year, the Company also increased its beneficial interest in the Regent Chieng Mai from 44% to 58% and in the Regent Bangkok from 31% to 49%. These transactions culminated in November 2003 with the rebranding of both properties to Four Seasons.

During 2004, the Minor Food Group continued its international growth with new franchisees for The Pizza Company and Swensen’s signed in China, the Philippines, Qatar, Oman, the United Arab Emirates and Cambodia. We also returned to China through two joint ventures. In April 2004, we announced a joint venture for Beijing with the investment arm of AIG from the United States and followed this in October with a second joint venture with the parent company of Sizzler to jointly franchise Sizzler in China. In late 2004, the Company completed the acquisition of 100% of the Minor Food Group and followed this in January 2005 with its de-listing from the Stock Exchange of Thailand.

Our hospitality and leisure operations also expanded aggressively in 2004 as we increased our interest in the Marriott Vacation Villas in Phuket from 15% to 50% and in the JW Marriott Phuket from 50% to 100% during the year. We also increased our stake in the highly successful Mandara Spa operations in Thailand and China from 51% to 100% as we prepare to enter new markets across Asia and the Middle East under the Mandara and Anantara brands. In November 2004, we opened a third Anantara in Samui while a fourth Anantara, the Anantara Royal Coco Palm in Khao Lak, came under our management in August 2004, but this property was heavily damaged in the December tsunamis and reconstruction plans are still being reviewed.

In January 2005, the first new Pizza Company and Sizzler restaurants opened in Beijing. Their promising success heralds a new chapter in the long and successful history of MINT’s food service operations. Future plans in our hospitality division include the development of a new Four Season’s resort and residential property development in Koh Samui together with a 15 room Four Seasons Tented Camp in Chiang Rai. The Company plans to continue developing and managing additional resort, vacation residential and spa properties in Thailand and other Asian markets.

With the completion of the acquisition and subsequent de-listing of the Minor Food Group in January 2005, a majority of the Company’s revenues are not hotel related and our aspirations are to expand internationally beyond our roots in Thailand through our branded hotel, spa and food services. To better reflect our current and future business operations while also leveraging on the rich heritage and recognition of the Minor Group, we completed a name change in February 2005 to Minor International Pcl and now trade under the symbol “MINT” on the Stock Exchange of Thailand.