Minor International, which operates hotel brands such as Marriott, Four Seasons, Anantara and Avani, will raise 25 billion baht (US$782.5 million) in capital through perpetual bonds, a rights issue and three-year warrants.
In a statement issue on Monday, the company said the comprehensive funding strategy is a “proactive approach to ensure its ability to service its obligations and to maintain its commitment to the quality of he balance sheet”.
The share capital increases, to be completed between 2020 and 2023, are subject to shareholders’ approval at the Annual General Meeting of Shareholders to be held on June 19.
The announcement came after company reported a loss of 1.77 billion baht in 1Q2020, versus a profit of 583.1 million baht a year earlier, as a result of the adverse impact of the Covid-19 pandemic on its three businesses across the globe.
Minor International comprises Minor Hotels, Minor Food and Minor Lifestyle.