Bangkok-based hotel and leisure company Minor International PCL said Aug. 7 that its wholly owned subsidiary MFG International Holding (Singapore) Pte. Ltd. has acquired Singapore's Food Theory Group Pte. Ltd. for S$3.3 million.
MFG, which already owns 50% of the food and beverage company, acquired the remaining 50% from Food Theory's existing shareholder, Soh Chin Hua.
Minor, which recently disclosed a 44% stake in Spanish hotel operator NH Hotel Group SA, said the move is part of MFG's plan to restructure its ownership of the Singapore business and consolidate its operations in the country.
MFG will fund the purchase through bank loans. The unit increased the capital of its subsidiary Minor Food Group (Singapore) Pte. Ltd. for the allotment of 26,086 shares to Soh Chin Hua.
Following the capital increase, Minor Food Group will have 326,086 ordinary shares, of which 8% will be owned by Soh Chin Hua.