Minor to pay interim dividend for the first time

The dividend, which is equivalent to 60 per cent of the company's consolidated net profit for the first three quarters of 2008, will be available to investors holding the shares on January 29 and it will be paid on February 11.

This is the first time Minor has paid an interim dividend although the company also expects to pay an annual dividend this May following its annual meeting of shareholders on April 27.

The interim cash dividend of Bt0.23 per share represents a significant increase from the annual cash dividend payments Minor paid over the past two years. Based on the company's performance in 2006 and 2007, Minor International's annual cash dividend was no more than Bt0.15 per share (although it also offered a stock dividend equivalent to Bt0.10 per share in 2007).

William E Heinecke, chairman and CEO of Minor International, said the company's cash and financial position were stronger than it had ever been and the company was confident it could pay this interim dividend and still have the financial resources to invest in growing its hotel and restaurant businesses.

Over the past two years, the company fixed its cash dividends at Bt0.15 per share despite having earnings growth of more than 20 per cent per year and significant gains in the share price.

Given the recent changes in the global economic conditions and our strong financial position, the company's board felt it was important to pay a special dividend to those shareholders who have invested in Minor International, he added.

Pratana Mongkolkul, chief financial officer of Minor International, added that this cash dividend, which is based on the company's financial performance during the first three quarters of 2008, is significantly more than the cash dividends paid in each of the past two years.

With a debt to equity ratio of only 0.63x and the ability to finance our expansion plans in 2009, we are delighted to offer this special cash dividend to our shareholders, Pratana added.

Minor International is Thailand's largest food service operator with 1,043 outlets under The Pizza Company, Swensen's, Sizzler, Dairy Queen, Burger King, Thai Express and the Coffee Club brands. It is also a hotel owner, operator and investor with a portfolio of 27 hotels under the Anantara, Marriott, Four Seasons, Elewana and Minor International brands in Thailand, the Maldives, Vietnam, Africa, the Middle East and Indonesia. It is also one of the largest spa operators in the Asia Pacific region with more than 29 spas in Thailand, China and the Middle East under the Mandara and Anantara brands.

In January 2009, Minor International was recognised by Asia Money magazine as Thailand's Best Managed Medium Cap Company for financial and business performance, management strategy and vision, and shareholder value creation.