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Abu Dhabi Fund or Development (ADFD) has invested AED 385 million ($105 million) in Thailand-based Minor International Public Company Limited (MINT) to jointly hold 40 percent shares in five luxury resorts.
The fund announced the agreement with the MINT to jointly hold shares in Anantara Riverside Bangkok Resort, Avani and Riverside Bangkok Hotel, Riverside Plaza Bangkok, Anantara Layan Phuket Resort and Four Seasons Resort Koh Samui, comprising 760 rooms in total.
MINT operates 520 hotels and resorts in the Asia Pacific region, the fund said, and the agreement is ADFD’s first investment in Thailand’s tourism and hospitality sector, which contributes 20 percent of the country’s total GDP.
Mohamed Saif Al Suwaidi, Director General of ADFD, said: “Given MINT’s leading position as the strongest hospitality operator in Thailand, this long-term investment partnership complements our investment strategy to collectively promote economic growth of our partner countries.”
MINT will hold 60 percent of the shares each asset, with ADFD holding the remaining 40 percent.
The investment will reduce MINT’s debt level and strengthen its balance sheet position, the fund said, and the five assets will continue to be operated under the existing brands and under the control of MINT.
ADFD is the economic development arm of the UAE government. It has financed thousands of strategic projects in 97 countries, creating major social and economic impacts. The volume of ADFD’s financing and investments doubled to reach about AED150 billion.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
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