Minor acquiring Bonchon Korean chicken chain
SET-listed Minor International Plc (MINT) has announced plans to acquire 100% of Bonchon International Inc and its Korean fried chicken restaurant business.
Minor International Plc plans to acquire Bonchon International Inc, increasing royalty and franchise fee income for the SET-listed company. The acquisition, valued at US$50 million (1.65 billion baht), will be carried out by MFG International Holding (Singapore) Pte Ltd, a subsidiary of Minor International. The Thai hotel and food services group will acquire 100% of Bonchon International Inc, including the 55% stake previously held by VIG Partners and 45% held by founder Seo Jin-deok.
The final price will be adjusted based on the value of underlying assets at closing, expected later this month. Minor International aims to secure ownership of Bonchon's intellectual property rights globally, excluding the Americas, as the acquisition is expected to enhance MINT's earnings through increased royalty and franchise fee income.
The deal will be funded through borrowing from financial institutions. Bonchon Chicken opened its first branch in Thailand in 2011 and has since expanded to 110 outlets in Thailand and Australia, catering to the growing demand for Korean food among Thai consumers.
Written by urgent.news from Bangkok Post Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
