Minor International PCL. (SET: MINT) has informed the Stock Exchange of Thailand (SET) and its shareholders that on 19 March 2025, the company’s wholly-owned subsidiaries Minor Hotel Group Limited and MHG IP Holding (Singapore) Pte Ltd have received a final and binding arbitral award from the Singapore International Arbitration Centre (SIAC) in arbitration proceedings between such companies and Al Samrya Hospitality & Services Co. W.L.L. (Al Samrya), in relation to hotel management and license agreements for hotels that were managed under the company’s brands on behalf of Al Samrya in Doha, Qatar.
The arbitration tribunal ordered Al Samrya to pay Minor Hotel Group Limited and MHG IP Holding (Singapore) Pte Ltd a sum of USD 21,719,543 (equivalent to THB 706 Million) and THB 45,069 for outstanding fees and damages (and accumulated interest on the same), as well as dispute-related costs in excess of USD 3 million (equivalent to THB 98 Million).
The arbitration tribunal ordered that, until such time as these amounts are paid in full, interest will continue to accrue at a rate of 7% per annum, compounded annually. The arbitration tribunal dismissed all of Al Samrya’s counter-claims in the arbitration. The arbitral award is final and not subject to appeal.
Despite the award, the Al Samrya has failed to make payment of the amounts awarded. As such, to protect the interests of the company and its shareholders, the company’s subsidiaries have initiated legal proceedings in the State of Qatar to:
- Enforce the SIAC arbitration award through the Qatari courts (civil proceedings).
- Commence criminal proceedings for Al Samrya’s failure to comply with the award and potential asset dissipation.
The company is also considering pursuing remedies in other jurisdictions where Al Samrya and/or its principals hold assets.
The company has full confidence in the Qatari legal system to successfully pursue recovery of the amounts due and owing to it. The company will keep shareholders informed of any material developments in accordance with the disclosure requirements of the Securities and Exchange Commission and SET.
