Update on Minor International PCL

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Symphony International Holdings Limited ("Symphony")

21 January 2021

Update on Minor International PCL

Symphony International Holdings Limited (LSE: SIHL) is excited to announce that Minor International Pcl ("MINT"), Symphony's largest portfolio investment, has signed a Memorandum of Understanding (MoU) with Funyard Hotels & Resorts to significantly expand the presence of Minor Hotels brands in China, which has a growing and vibrant domestic travel market.  

MINT's announcement is reproduced below.

MINOR HOTELS

   Press Release

Minor Hotels Enters a Strategic Partnership with Funyard Hotels & Resorts to Fuel China Expansion

Bangkok, January 20, 2021 - Minor Hotels, a Bangkok-based international hotel owner, operator and investor, signed a Memorandum of Understanding (MoU) with Funyard Hotels & Resorts (Member of Country Garden Core Business Alliance), which will see the expansion of its brands in China.

The announcement comes at the time when the growth of China's travel sector, already one of the world's most-watched inbound and outbound markets, is expected to accelerate following post- COVID-19 easing of movement restrictions for travellers. With demand for leisure and resort services shifting from overseas to domestic, optimism about China's tourism and resort market is at all-time high.

Minor Hotels' globe-spanning network of hotels and resorts with a wellness and cultural element at their core ensures that the group is well poised for development in the China market where the appetite for leisure travel has never been greater. As one of the world's top 20 hotel groups with 530 hotels in 56 countries and regions, Minor Hotels boasts a diverse portfolio of brands. Through its partnership with Funyard Hotels & Resorts, a core alliance enterprise of Country Garden Group, the Bangkok-based hospitality group will be bringing Anantara, Avani, Oaks, Elewana, Tivoli and NH brands to mainland China, many of them for the first time.

Bringing to the table extensive market knowledge and 20 years of experience in asset and operations management in China, Funyard Hotels & Resorts shares many core competences and values with Minor Hotels. The new joint venture is poised to become one of the country's leading hospitality players enabling travellers in mainland China to experience the award-winning services and facilities offered by Minor Hotels' brands - each with its own unique character and identity.

At the virtual MoU signing ceremony on 20 January 2021, Dillip Rajakarier, CEO of Minor Hotels, said: "China's hospitality market is extremely competitive, but full of opportunities. We highly value this chance to partner with Funyard Hotels & Resorts to support each other's global branding strategies."

Commenting on the alignment of Minor's and FUNYARD's interests, he expressed confidence in the ability of both sides to "fully exploit our respective advantages and jointly explore new opportunities in industry development, capitalising on Funyard's rich experience in China and Minor's international expertise in the global hotel and resort segment."

Ji Hongjun, President of Funyard Hotels & Resorts, remarked: "The pandemic is further accelerating the process of the Chinese economy shifting toward the domestic market. This means new opportunities in domestic tourism and hospitality. We and Minor Hotels are both convinced that China's resort market is full of potential. Funyard Hotels & Resorts has plenty of managerial experience and local resources in the domestic market, while Minor Hotels is an outstanding establishment in the global hotel and resort market. We look forward to working with Minor Hotels to tap into the Chinese resort market and bring new energy to Chinese and even global tourism."

About Minor Hotels:

Minor Hotels is an international hotel owner, operator and investor, currently with over 530 hotels in operation. Minor Hotels passionately explores new possibilities in hospitality with a diverse portfolio of properties designed intelligently to appeal to different kinds of travellers, serving new passions as well as personal needs. Through our Anantara, Avani, Oaks, Tivoli, M Collection, NH Collection, NH, nhow, Elewana, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor International properties, Minor Hotels operates in 56 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe, South America and North America.

With dynamic plans to expand existing brands and explore strategic acquisitions throughout opportunistic markets, Minor Hotels pursues a vision of a more passionate and interconnected world.

For more information, please visit www.minorhotels.com.

About Funyard Hotels & Resorts

Funyard Hotels & Resorts is a core alliance enterprise of Country Garden, a Fortune Global 500 company. Currently managing more than 200 upscale hotels, it provides operations and asset management services and boasts about 50,000 guestrooms. It operates and manages a total of ten hotel and serviced apartment brands such as Funyard, Funyard Ligh Fashion, BlessFun, FunyardBilan, FunyardFengyi, Country Garden Phoenix, Holiday Islands, Fengqi, Home2 Suites by Hilton, and Oakwood Belux. The group provides whole-lifecycle asset management services covering investment, financing, building, management, and exit.

For further information:

Marion Walsh                                      +66 89 811 3829 / [email protected]

VP Public Relations & Communications

Minor Hotels

Symphony Asia Holdings Pte. Ltd.    +65 6536 6177

Anil Thadani 

Rajgopal Rajkumar                                             

Dealing codes

The ISIN number of the Ordinary Shares is VGG548121059, the SEDOL code is B231M63 and the TIDM is SIHL.

The LEI number of the Company is 254900MQE84GV5DS6F03.

About Symphony

Symphony International Holdings Limited (LSE:SIHL) is a London listed strategic investment company that invests in consumer related businesses, primarily in the healthcare, hospitality, lifestyle (including branded real estate developments), logistics and education sectors predominantly in Asia. It offers a way for investors to gain exposure to rising disposable incomes and wealth in fast growing economies. Symphony's objective is to provide superior capital growth by investing in high quality companies and form long-term business partnerships with talented entrepreneurs and management teams. Symphony's investment team has a broad range of expertise - many of its professionals have been working in Asia for more than 35 years. For more information please visit our website at www.symphonyasia.com. 

No representation or warranty is made by the Company as to the accuracy or completeness of the information contained in this announcement and no liability will be accepted for any loss arising from its use.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

This announcement is not an offer of securities for sale into the United States. The Company's securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

The Company and the Investment Manager are not associated or affiliated with any other fund managers whose names include "Symphony", including, without limitation, Symphony Financial Partners Co., Ltd.

End of Announcement