PTT Announces Completion of Venture on Electric Vehicle Manufacturing Platform

PTT Public Company Limited (SET: PTT) announced that according to the Board of Directors of ARUN PLUSCompany Limited (ARUN PLUS) (PTT’s 100% owned subsidiary) at the meeting on 16 August 2021 passed the resolution which approved ARUN PLUS to establish a joint venture company with Lin Yin International Investments Company Limited (Lin Yin) (the wholly owned affiliate of Hon Hai Precision Industry Company  Limited (Foxconn) to operate the electric vehicle manufacturing business as referenced.

On 3 February 2022, ARUN PLUS completed the establishment of Horizon Plus Company  Limited (Horizon Plus) with the registered capital not in excess of THB3,220 million, which ARUN PLUS and Lin Yin hold 60% and 40% stakes respectively. 

Horizon Plus expects to reach its final investment decision within the first half of 2022 and start its commercial operation within the first quarter of 2024.