Minor International PCL (MINT), one of Asia’s leading hotel and lifestyle companies, will spend AUD45 million ($32 million) on acquiring additional stake in Australia-based Minor DKL Food Group Pty Ltd (Minor DKL) from a group of existing shareholders.
The move will enhance its shareholding from 50 to 70 per cent.
Minor DKL, one of Australia’s leading retail food brand franchisors, is the Australian subsidiary of Minor International PCL (MINT).
MINT reported to the Stock Exchange of Thailand that it would make the acquisition through its subsidiary Delicious Food Holding (Australia) Pty Ltd.
Of the acquired shares, 18.79 per cent is from The Coffee Club Franchising (Aust) Pty Ltd and the remaining from Matebowl Pty Ltd, Gailglen Pty Ltd, Aprinvale Pty Ltd, Mr Emmanuel Drivas, Mr Emmanuel Kokoris and Mr John Lazarou.
The source of fund will come from bank loans, the statement cited.
The Thai firm forayed into Australia in 2008, when MINT invested 50 per cent in Coffee Club Holding (Australia) Pty Ltd, to expand its food and beverage business abroad.
This acquisition will be another solid strategic expansion of MINT’s restaurant business in Australia as it will gain a controlling stake in Minor DKL.
Minor DKL has a registered and paid-up capital of AUD46 million, divided into 46 million common shares with a par value of AUD1 apiece.
Its restaurant business consists of 439 outlets including 386 outlets operating under The Coffee Club brand name, 13 outlets operating under the Ribs and Rumps brand name and 40 other outlets operating under various brand names including The Groove Train, Coffee Hit, Think Tank Coffee, Veneziano Coffee Roasters and Creatures of Habit.
In July this year, MINT acquired a hotel and a management business in Darwin, Australia, for AUD57.081 million.
Founded in 1978 with a single beachfront resort in Thailand, MINT currently trades on Thai bourse and operates over 1,500 restaurants, 250 retail trading outlets and 110 hotels and resorts in 33 markets from Africa to Australia, with popular brands such as Sizzler, Dairy Queen, Burger King, Anantara, Four Seasons and Marriott.