Minor International Public Company Limited (SET: MINT), a global company focused on two core businesses—hospitality and restaurants—has achieved a groundbreaking milestone in sustainable finance with the issuance of THB 8 billion Sustainability-Linked Bonds (SLBs). This landmark transaction includes:
• THB 5 billion 3-year-1-month Zero-Coupon SLB – Thailand’s first-ever Zero-Coupon SLB
• THB 2 billion 7-year SLB
• THB 1 billion 10-year SLB
This landmark issuance follows a recent regulatory enhancement by the Securities and Exchange Commission, Thailand (“SEC”). The SEC revised its rules for SLB guidelines to expand structural flexibility—explicitly permitting zero-coupon SLBs for the first time, effective 16 November 2025—which aligns Thailand’s SLB framework more closely with international market practices and enables MINT to become the first issuer to leverage this innovative structure.
The offering garnered overwhelming demand and continued strong support from around 50 institutional and high net worth investors, exceeding the Company’s target issue size by more than four times. This robust participation reflects investor confidence in MINT’s solid business momentum, including a 47% increase in net profit for 9M2025, alongside a strengthened balance sheet and sustained performance improvements across its hospitality and restaurant segments.
Mr. Chaiyapat Paitoon, Chief Financial Officer of MINT, stated:
“This Sustainability-Linked Bond issuance underscores MINT’s ongoing commitment to integrating sustainability into our core operations. The introduction of Thailand’s first zero-coupon SLB reflects our effort as the market leader to adopt practical financial innovations, while aligning with global standards that support our commitment. We remain focused on delivering solid business performance and maintaining disciplined execution, and the strong support from investors demonstrates their confidence in our strategy and operational direction.”
This transaction builds on an important ESG milestone achieved earlier in 2025, when the Science Based Targets initiative (SBTi) validated MINT’s near-term emissions reduction targets as aligned with the 1.5°C climate pathway. This continued alignment with global standards further strengthens the credibility of MINT’s SLBs, 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
• 3-year-1-month tranche: by 24% by FY2027 from a FY2023 baseline
• 7-year and 10-year tranche: by 42% by FY2030 from a FY2023 baseline
MINT’s Sustainability-Linked Financing Framework has been independently reviewed by Sustainalytics, which issued a Second Party Opinion confirming its alignment with international guidelines and standards, including the ICMA’s Sustainability-Linked Bond Principles.
