Minor International Public Company Limited (SET: MINT) a global company focused on two core businesses: hospitality and restaurants, is pleased to announce yet another remarkable milestone in ESG financing with the issuance of THB 8 billion debentures, comprising of THB 5 billion in Sustainability-Linked Bonds and THB 3 billion in Zero Coupon bond.
On 24th April 2025, less than a week prior to the book building process, MINT’s credit rating was upgraded from ‘A’ to ‘A+’ by TRIS Rating. The upgrade reflects the company’s strengthened credit profile, underpinned by a robust post-pandemic recovery in operating performance and a reduction in debt levels.
The offering garnered overwhelming demand from over 50 investors, covering both institutional and high net worth investors, surpassing MINT’s target issue size by more than 5 times. Such investors’ participation reflects confidence in MINT’s strong performance, particularly the record high profit growth of 43% (2024), strengthened financial position, and solid expansion plan in 2025.
Mr. Chaiyapat Paitoon, Chief Financial Officer of MINT, revealed that “MINT’s subsequent Sustainability-Linked Bonds reiterated our long-standing commitment in embracing sustainability practices and bringing about a meaningful impact for our planet. Our strong performance and commitment to sustainability have led to a rating upgrade, reflecting the confidence investors have in our strategy and operations.”
This transaction follows a key ESG milestone – the official validation of MINT’s near-term emissions reduction targets by the Science Based Targets initiative (SBTi) in 2025, confirming alignment with the 1.5°C pathway. This endorsement reinforces MINT’s climate commitment and strengthens the credibility of its Sustainability-Linked Bonds, which incorporate the following:
- Key Performance Indicator (KPI): Absolute Scope 1 and 2 GHG emissions (tCO2e)
- Sustainability Performance Target (SPT): Reduce absolute scope 1 and 2 GHG emissions by 42% by FY2030 from a FY2023 baseline.
MINT’s Sustainability-Linked Financing Framework has been independently reviewed by Sustainalytics, which provided a Second Party Opinion confirming its alignment with international guidelines and standards, including the ICMA’s Sustainability-Linked Bond Principles.
