UAE - Mubasher: The Abu Dhabi Fund for Development (ADFD) has signed a $104.8 million (AED 385 million) agreement with Minor International Public Company Limited (MINT) to own a stake in five tourist resort assets in Thailand.
The ADFD will hold 40% of each asset, while MINT will own the remaining stake in the tourist resorts, according to a recent press release.
The ADFD’s first investment in Thailand’s tourism and hospitality sector contributes 20% of the country’s total GDP and will enable MINT to cut its debt level and enhance its balance sheet position.
The Director-General of ADFD, Mohamed Saif Al Suwaidi, 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 the economic growth of our partner countries."
Meanwhile, the Group CEO of Minor International, Dillip Rajakarier, commented: "This transaction signifies our continuous commitment to strengthen our balance sheet and solidify our liquidity position to ensure that we are poised for both the recovery to come and long-term growth."