Minor International (MINT) has reiterated its prospects have not changed even though its bid to operate commercial areas in Suvarnabhumi airport was rejected.
Chaiyapat Paitoon, the company's deputy corporate chief financial officer, said the company is committed to continuing to invest 64 billion baht during 2019-23 in both the domestic market and abroad as planned.
The majority of the investment will come from the Minor hotel business.
"Missing an opportunity to operate commercial spaces at Suvarnabhumi is unlikely to affect the company's revenue prospects," he said. "The company will focus on integrating the acquisition of NH Hotel Group SA [NHH], the sixth largest European hotel chain, which it purchased last year, with Minor International for value creation."
NHH operates more than 350 hotels in 28 markets, including tourist destinations such as Amsterdam, Barcelona, Berlin, Bogota, Brussels, Buenos Aires, Dusseldorf, Frankfurt, London, Madrid, Mexico City, Milan, Munich, New York, Rome and Vienna.
Given the size of NHH's operation, the acquisition will be a substantial step in Minor's geographical expansion for hospitality into the European market, which will have a profound effect on growth prospects, said Mr Chaiyapat.
He said the company already requested Airports of Thailand (AoT), which supervises six of the country's airports including Suvarnabhumi, and the Transport Ministry urgently review its qualifications to bid for running commercial areas in Suvarnabhumi, claiming the agency's rejection of MINT's bid was wrongful.
"AoT officials rejected the company's bid, saying MINT lacks experience. This is not true. MINT has all the qualifications as stipulated in the terms of reference. We have experience in shopping complexes, food and drink via our subsidiaries, which are directly controlled by MINT," said Mr Chaiyapat.
"As Suvarnabhumi is a world-class airport and Thailand is a global tourism destination, AoT should open the process to various bidders to find the best ones."
MINT has extensive experience in managing retail and food and beverage businesses in Thailand, including through subsidiaries such as Minor Food Group; Minor Corporation for retail trading, fashion and lifestyle business; Royal Garden Plaza, which operates a commercial plaza, and Chao Phaya Resort, which operates a riverside plaza department store in Bangkok, he said.
Last year, MINT reported total revenues of 79.3 billion baht, up from 58.6 billion in 2017, with a net profit of 5.44 billion baht, up from 5.41 billion.
MINT shares closed on Monday on the SET at 38 baht, up 25 satang, in trade worth 324 million baht.
