MINOR INTERNATIONAL GROWS HOTEL PORTFOLIO WITH TAKEOVER OFFER FOR OAKS HOTELS & RESORTS, AUSTRALIA

Minor International PCL (MINT), has announced a cash takeover offer for all of the shares in the Australian based Oaks Hotels & Resorts Limited. Under the terms of the investment, Minor International will offer Oaks shareholders 35 cents (A$) for every Oaks share held. The offer values Oaks’ equity at approximately A$61 million, equivalent to a total enterprise value of approximately A$129 million. Currently, Minor has already acquired a 14.96% stake in Oaks Hotels & Resorts and has advised that it is set to purchase a further 5% stake in the company subject only to FIRB approval (Foreign Investment Review Board), bringing the overall stake to 19.96%. The current 19.96% share acquisition reflects an investment of A$12 million. As part of Minor International’s three core businesses which include hotels, restaurants and lifestyle brands, the Minor Hotel Group has, up until now, boasted a portfolio of 33 hotels operating in eight countries. The investment in Oaks Hotels & Resorts is Minor’s first foray into the Pacific and doubles the company’s hotel interests to 71 properties across Asia, the Indian Ocean, the Middle East and Australasia. Established in the early 1990s, the Oaks group has developed into one of Australia’s largest hotel and resort operators with a current collection of 38 hotels across Australia, New Zealand and the Middle East. Led by effective strategies in strata-titled property management and a unique market positioning, the 4 star hotel brand has strived to become Australia's leading serviced apartment management company. The result is a strong pattern of impressive growth accompanied by a solid market leading position in the fast-growing MLR (Management Letting Rights) segment of the Australian accommodation market. Dillip Rajakarier, COO of Minor Hotel Group, comments “We are delighted to be entering the dynamic markets of Australia and New Zealand, especially with a hotel brand which has a strong track record in business delivery through marketing and distribution strategies, as well as a key focus on customer service. These characteristics are firmly imbedded in Minor Hotel Group so the stake in Oaks is a solid group match and complements our formidable development policy”. William E Heinecke, CEO of Minor International continued, “Our board is excited by the opportunity to expand Minor International’s extensive footprint to the Australian market. Following the successful acquisition of a 50% interest in The Coffee Club, we are keen to increase our investments in the Australian market. We see Oaks’ unique apartment portfolio as a valuable addition to our expanding resort and hotel portfolio across Asia, the Indian Ocean, the Middle East and Africa and look forward to adding significant value to the business in terms of growth and expansion”.

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