MHG International Holding (Singapore), a wholly-owned subsidiary of Thailand’s listed Minor International Pcl, has formed a 50:50 joint venture company with PT Wijaya Karya Realty to develop and operate hotel and residences in Indonesia.
The new company, PT Wika Realty Minor Development, has a registered capital of 260 billion Rupiah, divided into 260,000 shares with a par value of 1 million Rupiah each.
This is a foothold foraying into Indonesia where the market is the largest in Southeast Asia. MINT just completed the purchase of a Portuguese hotel chain in the beginning of this month.
It plans to add new hotels to its existing 145 properties spread across 22 countries through organic growth and acquisitions, chief operating officer Dillip Rajakarier said.
Previously, it set aside the budget of 52 billion baht for asset acquisition during 2016-20. However, it is considering raising the budget as there are a lot of cheap assets sold in the economic slowdown period.