MINT acquires remaining 30% stake in Thai Express

Minor International (MINT) announced today that it has purchased the remaining 30% stake in Thai Express Concepts Pte Ltd (Thai Express) for S$16.8 million (approximately 406 million baht). The purchase resulted in the increase in MINT’s shareholding in Thai Express to 100%.

The increase in shareholding dually reinforces MINT’s confidence in the strength of the Thai Express brand, and marks another milestone in the strengthening of its international platform and increasing overseas contribution. MINT will continue to improve Thai Express’s performance through its operational excellence system.

Dellen Soh, one of the original founders of Thai Express and MINT’s partner in the business since 2008, will remain as the chief executive officer. In addition to the current 54 company-owned outlets in Singapore and 12 franchised outlets in Malaysia, Vietnam, Australia, India, Mongolia, Korea and Singapore, Thai Express will continue to leverage on MINT’s international franchise experience and infrastructure to expand into other key international markets.

In 2010, Thai Express recorded revenue of S$89.9 million (approximately 2.1 billion baht) and net profit of S$9.6 million (approximately 224 million baht). Ultimately, MINT’s acquisition of full ownership of Thai Express is expected to further boost MINT’s near and long term earnings growth. As part of the already diverse portfolio, Thai Express will enable MINT to jointly develop and expand Asian restaurant concepts in its target markets along with its ongoing pizza, ice cream, coffee, steak and hamburger brands.

William E. Heinecke, chief executive officer of MINT commented, “The purchase of the remaining 30% stake in Thai Express is a sign of our dedication to the persistent expansion, diversification, and productivity of the food group. The Thai Express purchase is a welcome addition to our earlier acquisitions this year, including the acquisition of Ribs and Rumps in Australia through our 50% joint-venture, The Coffee Club, and the increased shareholding in S&P to 31% through our tender offer. These transactions underscore our efforts to steepen earnings growth performance and maximize shareholder value.”

About Minor International: Minor International (MINT) is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution. MINT is one of Asia’s largest restaurant companies with over 1,200 outlets operating system wide in 15 countries under The Pizza Company, Swensen’s, Sizzler, Dairy Queen, Burger King, Thai Express, the Coffee Club and Ribs and Rumps brands. MINT is also a hotel owner, operator and investor with a portfolio of 37 hotels and 38 serviced suites under the Anantara, Oaks, Avani, Four Seasons, St. Regis, Marriott, Elewana and Minor International brands in Thailand, Australia, New Zealand, the Maldives, Vietnam, Tanzania, Kenya, the Middle East, Sri Lanka and Indonesia. MINT is one of Thailand’s largest distributors of lifestyle brands focusing primarily on fashion, cosmetics and contract manufacturing. Its brands include Gap, Esprit, Bossini, Charles & Keith, Red Earth, Bloom, Smashbox, Tumi, Zwilling J.A. Henckels, and ETL Learning. For more information, please visit www.minorinternational.com
 

Tourist arrivals drop almost 18% year-on-year in November due to flood

The numbers of Thailand’s tourist arrivals dropped almost 18 percent in November year-on-year due to the flood crisis. The numbers dropped from around 1.4 million to 1.2 million, particularly in Bangkok and the central part of the country.

The figure was announced at a news conference on the status of foreign travelers from Jan-Nov 2011 by the Tourism and Sports Ministry and the Tourism Authority of Thailand (TAT).

However, over 17 million tourists entered the country in the first 11 months, a higher number of tourist arrivals compared to last year’s 15.9 million during the comparable period.

About 1.5 million travelers are expected to visit Thailand in December. Should the predicted figure be achieved, the number of tourist arrivals this year will reach 18.5 million, which is still a 20 percent rise year-on-year, despite the floods.

Tourism Ministry Permanent Secretary Suwat Sittilor said tourist arrivals will rise this month. Potential visitors who previously misunderstood that the images of a flooded Don Mueang Airport were Suvarnabhumi Airport now understand correctly that the gateway to the country is wide open.

Although tourist arrivals for 2011 would not reach the targeted 19.5 million, Tourism Department Director-General Supon Sripan said Thailand would in fact receive more travelers this year than last, and that the 19.5 million goal had been adjusted due to the tendency of tourist arrivals to increase unexpectedly early this year.

TAT Governor Surapol Sawetseranee added the flood crisis took place temporarily for eight weeks and should be compared to a brownout situation in some areas of the country. The situation has returned to normal and entered the rehabilitation period.

The Tourism Authority of Thailand has distributed updated information on the flooding situation through domestic and international press and media, taking them to the actual areas to visit after floodwaters recede, as well as travelling overseas to promote better understanding on the matter.

For 2012, the international tourist arrivals are targeted at 19.55 million with revenues of Bt766 billion, while the volume of domestic travelers is at 93.65 million with over Bt450 billion income, according to Governor Surapol.

Meanwhile, Tourism and Sports Ministry Spokesman Watchara Kannikar passed on a message to the government that rehabilitation management for Thai tourism would be more practical if its budget would not be reduced any further. (MCOT)
 

MINT acquires remaining 30% stake in Thai Express

Tourist arrivals drop almost 18% year-on-year in November due to flood