The food producer and hotel chain operator informed the Stock Exchange of Thailand (SET) that it had recently signed a memorandum of understanding with four S&P shareholders: Patara Sila-On, LT Varakorn Raiva, Pravesvudhi Raiva and Kachorndej Raiva. Under the MoU, these shareholders will provide Minor with 4 million ordinary shares and 8 million warrant units at Bt29 and Bt11 each, respectively.

"The company believes this investment will not only expand its brand and portfolio of food products but will also lead to synergy between the two companies, particularly in regards to material sourcing, which will mutually benefit Minor International and S&P," Minor's director Pratana Manomaiphiboon said in a statement submitted to the SET.

Currently, Minor Food Group Plc, a subsidiary of Minor International, holds 4.67 million shares and 758,700 warrants to purchase ordinary shares of S&P, which collectively equal 6.18 per cent of S&P's paid-up capital. On November 14, when the above transaction is expected to be completed, Minor will hold 8.67 million shares and 8.76 million warrants in S&P, equal to 19.85 per cent of its stock.

However, S&P's stock was suspended by the SET yesterday morning because it has not yet informed the exchange about the planned transaction, which is considered to be a change in the company's shareholder structure.

Reacting to the news of the investment, the price of S&P's warrant - S&P-W1 - rose 21.21 per cent to close at Bt10 yesterday, while S&P stock ended 3.74 per cent higher at Bt27.75.