Minor International Public : Update the progress of the investment of Patara Fine Thai Cuisine Limited
January 12, 2018 at 04:34 pm IST
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-Translation-
January 12, 2018
Subject:
Update the progress of the investment of Patara Fine Thai Cuisine Limited
To:
The President
The Stock Exchange of Thailand
Enclosure 1
The notification to the Stock Exchange of Thailand dated April 22, 2015
Minor International Public Company Limited ("the Company" or "MINT") would like to inform that according to the notification to the Stock Exchange of Thailand dated April 22, 2015 regarding the investment of Patara Fine Thai Cuisine Limited ("PFTC"), (a 50% joint venture holding by MFG International Holding (Singapore) Pte. Ltd., a 100% subsidiary of Primacy Investment Ltd. which is 100% wholly owned by The Minor Food Group Public Company Limited, a 99.73% subsidiary of MINT) as attached.
At present, conditions precedent are completed, PFTC has paid GBP 7 million to acquire and/or operate restaurant business in UK, which comprises 4 existing Patara restaurants, related assets and franchise rights to develop, open and operate those existing restaurants as well as new Patara and Suda restaurants in the UK.
1 existing Suda restaurant was not acquired since it will be closed in the first quarter of 2018.
Please be informed accordingly.
Sincerely yours,
- Signed - -----------------------------------------(Mr. Paul Charles Kenny) Director
Enclosure 1
- Translation -
April 22, 2015
Subject: Notification of investment of MINT subsidiaries
To:The President
The Stock Exchange of ThailandMinor International Public Company Limited ("the Company" or "MINT") would like to inform the investment of MFG International Holding (Singapore) Pte. Ltd. (a 100% subsidiary of Primacy Investment Ltd. which is 100% wholly owned by The Minor Food Group Public Company Limited, a 99.73% subsidiary of MINT) of a stake in a joint venture company as per details below:
Date of transaction
After obtaining an approval by Extraordinary General Meeting of
Shareholders of S & P Syndicate Public Company Limited ("SNP") on June
17, 2015, as this is considered as the connected transactions for SNP
pursuant to the Notification of the Capital Market Supervisory and the
size and value of the transactions are greater than 3% of SNP's net
tangible assets.
Joint venture company name
Patara Fine Thai Cuisine Limited ("PFTC")
Shareholding structure after investment
1. MFG International Holding (Singapore) Pte. Ltd. 50%
2. S&P Development Holding Pte Ltd. 50%
S&P Development Holding Pte Ltd. is a 100% subsidiary of SNP which is
held 33.8% by MINT
Registered Capital
GBP 3 Million, comprising of 3 Million ordinary shares at par value of
GBP 1 per share, fully paid
Type of business
Thai restaurant
MINT's source of funds
Internal cash flow
Objective of investment
Develop a successful Thai restaurant concept and gain presence in the
UK
After this joint venture, subject to the completion of certain conditions precedent, PFTC has an option to acquire assets detailed as follows:
Purchaser:
Patara Fine Thai Cuisine Limited ("PFTC")
Seller:
S&P Restaurants Limited ("SPRL")
SPRL is a wholly owned subsidiary of SNP which is held 33.8% by MINT
Details of Assets:
4 existing Patara and 1 existing Suda restaurants and related assets.
PFTC will be granted the franchise rights to develop, open and operate
those existing restaurants as well as new Patara and Suda restaurants in
the UK.
Investment value:
GBP 7 Million, or THB 340 Million approximately
MINT's source of funds:
Internal cash flow and bank loansThis is not classified as a connected transaction for MINT and the value of such transaction is not required to be disclosed under the Stock Exchange of Thailand's notification regarding Rules and Procedures and Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition and Disposition of Assets.
Please be informed accordingly.
Sincerely yours,
- Signed -
(Mr. Paul Charles Kenny)
Director
Minor International pcl published this content on 12 January 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 January 2018 11:04:06 UTC.
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Minor International Public Company Limited is a Thailand-based company engaged in the investment activities, hotels, restaurant operations, and distribution and manufacturing. The Company operates through four segments: Hotel, Mixed use, Restaurant and Retail. The Company operates hotels, resorts and serviced suites with a portfolio of over 530 hotels under the Anantara, AVANI, Oaks, Tivoli, Elewana, NH Collection, NH, nhow, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor International brands. Its hotel and spa portfolio spans across 56 countries in Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe and the Americas. The Company operates mixed-use business, including shopping plazas and entertainment, residential properties, and a points-based vacation club. It offers fashion and lifestyle products under various brands, including Anello, BergHOFF, Bossini, Charles & Keith, Joseph Joseph, Zwilling J.A. and Minor Smart Kids.