Thailand based restaurant operator S&P Syndicate PCL (SNP) and MFG International Holding (Singapore) Pte Ltd, a subsidiary of Minor International PCL (MINT), announced the formation of a 50:50 joint venture firm to tap the growing market for Thai restaurant business in Europe.
The newly-established firm – Patara Fine Thai Cuisine Limited (PFTC) – will have a registered capital of 3 million pound.
Upon the completion of the joint venture process, PFTC will take over the assets of S&P Restaurants Limited, which is a subsidiary of SNP and owns four branches of Patara restaurants and one restaurant under the ‘Suda’ brand, in the United Kingdom.
According to the statement, the JV will also be given the franchisee right, to open more branches under those two brands in the future. It has an investment outlay of 7 million pound to plans to open more outlets under the two brands. The source of fund will come from existing cash-flow and outside financing.
If PFTC registers a good performances during 2016-18, each of the parent companies will inject 1 million pound to increase PFTC’s capital in the last quarter of 2018.
MINT is one of the leading hospitality and leisure companies in Asia Pacific. It is currently listed in the Stock Exchange of Thailand and holds 33.8 per cent stake in SNP.
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