PTT Oil Business and Retail (OR) has acquired a 25% share in Dusit Foods, a subsidiary of Dusit Thani Plc, to further develop lifestyle-related businesses under its inclusive growth policy.
The investment, made through OR's wholly owned Modulus Ventures Co, will pave the way for OR and Dusit Thani to jointly benefit from new business opportunities and grow in the food market together, said Jiraphon Kawswat, president and chief executive of OR.
She recently signed a share purchase agreement with Suphajee Suthumpun, group chief executive of Dusit International.
Ms Jiraphon said OR aims to combine Dusit's strengths in upstream, midstream and downstream food business with OR's retail distribution channels to reach consumers with different lifestyles as well as shape opportunities for expansion domestically and overseas.
Mrs Suphajee said the cooperation with OR provides a business opportunity in the retail business as OR operates a strong retail network through its nearly 2,500 PTT petrol stations and almost 4,000 outlets of Cafe Amazon.
Dusit, a hotel and property development company, can support OR with its expertise in the food business.
Dusit Foods' investment portfolio currently includes Epicure Catering Co, a provider of food and beverage services to international schools.
Epicure Catering commands a 70% market share in this food and beverage category.
Also on the portfolio list are Caterers Joint Stock Co, which specialises in off-site reception and school catering services in Vietnam, and Kauai, a popular healthy fast-casual restaurant chain from South Africa.
Dusit Foods plans to expand Kauai's business in the Thai market and across Asia.
Recently Dusit Foods acquired a 55% stake in Bonjour Bakery Asia Co, which operates a baking factory making French-style pastry products in the Eastern Seaboard Industrial Estate in Rayong province.
Bonjour Bakery also runs a bakery franchise business, comprising more than 50 branches across Thailand, with one in China.
