Minor International to launch US$1B SGX REIT, eyes HKEX listing
The group is planning to list its restaurant division separately on the Hong Kong Stock Exchange.
Bangkok-based hospitality company Minor International is preparing to launch a real estate investment trust (REIT) on the Singapore Exchange (SGX), with an estimated value of around US$1 billion.
In addition, the company plans to list its restaurant division, Minor Food, separately on the Hong Kong Stock Exchange.
Group CEO Dilip Rajakarier said the REIT will include roughly 14 hotels, most of which are in Europe, with two located in Thailand. Minor International will hold a controlling stake to oversee the REIT while keeping the assets off the group’s main balance sheet.
The move is part of the company’s effort to reduce debt. By the end of 2025, Minor International had a net debt-to-equity ratio of 0.86 and a net debt-to-EBITDA of 4.6.
The company aims to bring these figures down to between 0.75 and 0.85 for net debt-to-equity and below four times for net debt-to-EBITDA.
In addition, the company plans to list its restaurant division, Minor Food, separately on the Hong Kong Stock Exchange.
Group CEO Dilip Rajakarier said the REIT will include roughly 14 hotels, most of which are in Europe, with two located in Thailand. Minor International will hold a controlling stake to oversee the REIT while keeping the assets off the group’s main balance sheet.
The move is part of the company’s effort to reduce debt. By the end of 2025, Minor International had a net debt-to-equity ratio of 0.86 and a net debt-to-EBITDA of 4.6.
The company aims to bring these figures down to between 0.75 and 0.85 for net debt-to-equity and below four times for net debt-to-EBITDA.
