Thai energy giant GULF builds stake in hotel group MINT

What's the deal? Gulf Energy DevelopmentDealroom has a profile for this one. Try Dealroom → (GULF), one of Thailand's largest energy conglomerates, has acquired 39.3 million shares in Minor International (MINT), a major hospitality and restaurant group. The move marks GULF's expansion beyond its core energy business into the tourism sector as part of a broader holding company strategy.

Why now? Thailand's tourism industry has staged a strong recovery since the pandemic, making hospitality assets increasingly attractive. GULF has been diversifying its portfolio through strategic stakes in companies across multiple sectors, and MINT — which operates hotel brands including Anantara, Avani, and NH Hotels — offers exposure to both domestic and international travel demand.

The signal: GULF's move into hospitality underscores a broader pattern among mature Southeast Asian energy conglomerates pivoting toward diversified holding company models. With GULF classified as a mature-stage energy producer on Dealroom, the MINT stake suggests the company is looking beyond its core power generation business to deploy capital into Thailand's resurgent tourism sector — a bet that its energy cash flows can bankroll long-term exposure to consumer-facing growth.

Read more: nationthailand.com