PRESS RELEASE – 18 JULY 2005
FOR
IMMEDIATE RELEASE
MINOR TO INCREASE
STAKE IN MINT FROM 4.17% TO 19.32%
Minor Corporation (MINOR)
is pleased to announce that it has accepted an offer from Asia Pacific Fund II
to buy 413.6 million shares or 15.14% of Minor International (MINT) at a price
of Bt 4.0 per share. Minor will pay approximately Bt 1.65 billion to increase
its stake in MINT from 4.17% to 19.32%. The acquisition diversifies Minor’s
business and cash flow profile and strengthens its investment portfolio of
listed and private securities.
The acquisition renews a long and successful investment
relationship Minor has had with MINT and is consistent with Minor’s strategy of
increasing stakes in existing investments that offer superior long term growth opportunities.
MINT is Thailand’s largest
food service operator with over 500 outlets system wide and is one of Thailand’s
leading hotel operators with a portfolio of ten hotels and nearly 2,100 rooms. MINT’s
net profit increased by 78% to Bt 712 million in 2004 and the long term growth
potential of its food and hotel businesses remains strong in Thailand and other key Asia Pacific and Middle East growth markets.
Minor plans to initially finance the acquisition with
proceeds from a 2 year term loan from Bangkok Bank and then refinance this loan
with longer term debt as well as cash that would be raised through a Bt 520
million capital increase. An Extraordinary General Meeting of Shareholders has
been scheduled for 23 August
2005 to consider and approve a number of Board of Director’s resolutions
including the acquisition of MINT and the capital increase.
Minor Corporation (Minor) is a leading distributor of
international lifestyle brands in Thailand focusing primarily on
fashion, cosmetics, golf equipment and education. Its brands include Esprit,
Red Earth, Bossini, Sinéquanone, Rampage, Bloom, Laneige, Elemis, Soul Edge, Tumi, Panos, Ping, Etonic, La Jolla, Henckels, Time Life, and World Book, It
also owns and operates one of the Thailand’s leading contract manufacturers and
an investment portfolio of listed and private securities.
Minor International (MINT) is Thailand’s largest food service
operator with over 500 outlets system wide under The Pizza Company, Swensen’s,
Sizzler, Dairy Queen and Burger King brands. It is one of Thailand’s leading hotel operators with a
portfolio of ten hotels and nearly 2,100 rooms under the Marriott, Four
Seasons, Anantara and Royal Garden brands in Thailand
and Vietnam.
Through a joint venture with Marriott International, it has developed the 144
room Marriott Vacation Club Time Share in Phuket. It is also one of the largest
spa operators in the Asia Pacific region with 15 spas in Thailand and China under the Mandara and Anantara
brands.
For information on Minor Corporation or Minor International, please
visit www.minornet.com
Press Contacts: William E. Heinecke / Pratana
Manomaiphiboon at Tel: (662) 381-5151