PTT Oil and Retail Business Public Company Limited (SET: OR) announced that OR’s Board of Directors at the meeting on November 24, 2021, has resolved to approve Modulus Venture Company Limited (Modulus), OR’s wholly-owned subsidiary, to invest by purchasing shares of KAMU KAMU Company Limited (KAMU) from its former shareholders, with a total investment amount not exceeding THB 480 million. After such an investment, Modulus will hold 25% and KAMU’s former shareholders will hold 75% of all shares issued by KAMU.
KAMU owns and operates high quality craft drinks, predominantly tea-based, under the brand Kamu tea. The investment objective is to strengthen OR’s food and beverage business by increasing product diversification and creating opportunities for domestic and international growth.
In this regard, the signing of share purchase agreement and the shareholder agreement will be made consequently.