|
|
|
Wednesday May 14, 3:22 PM
Thai Minor plans up to $310 mln bonds late 2008BANGKOK, May 14 (Reuters) - Minor International , Thailand's largest listed hotelier and fast food franchise firm, said on Wednesday it planned to issue bonds worth up to 10 billion baht ($310 million) in late 2008 to finance expansion. The company would also sell a property fund worth 3.0-5.0 billion baht to help fund spending this year of 6.0-7.0 billion baht, higher than its earlier plan of 5.0 billion baht, financial chief Pratana Manomaipiboon told reporters.
"The bond amount is lower than our earlier plan because we will also use proceeds from the property fund," she said of the bond plan, announced in March, of up to 15 billion baht with maturities of up to 15 years. Details of the property fund would be finalised in three to six months, Pratana said. Minor was looking to acquire hotels or land in the second half of this year and aimed to increase its food branches to 1,000 by the end of this year from 882 now, she said. The company is maintaining its net profit growth target of at least 20 percent for this year, boosted by the food expansions and as the hotel business grew along with more tourist visits to Thailand, Pratana added. The firm's 2007 net profit was 1.61 billion baht. At the midday break, Minor shares, valued at $1.66 billion on the Thai bourse, were down 0.61 percent at 16.30 baht and the overall stock market index was 0.16 percent higher. Minor runs 16 hotels under the Four Seasons, Marriott and Anantara brands in Thailand, Sri Lanka, Vietnam and Maldives and owns food franchises including Burger King, Dairy Queen, Swensen's and Sizzler. ($1=32.29 Baht) (Reporting by Saranya Suksomkij; Writing by Viparat Jantraprap; Editing by Anshuman Daga)
|
|
Copyright ©
2008
Reuters Limited. All rights reserved. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of Reuters Limited
|
