OR Spends THB1.1 Billion on Expanding in Self-Service Laundromat Chain KNEX

PTT Oil and Retail Business Public Company Limited (SET: OR) announced Friday its wholly-owned subsidiary Modulus Venture has signed a share subscription agreement and a shareholder agreement for the acquisition of K-NEX Corporation Company Limited (KNEX).

KNEX sells and distributes industrial washing and drying machines and operates a self-service laundromat chain under the name ‘Otteri Wash & Dry.’ The investment objective is to strengthen OR’s retail business by increasing product diversification and creating domestic and international growth opportunities.

OR’s Board of Directors at a meeting on April 27, 2022, resolved to approve Modulus Venture Company Limited (Modulus), a wholly-owned subsidiary of OR, to invest by purchasing newly issued common shares of KNEX, with a total investment amount not exceeding THB 1,105 million. 

After such investment, Modulus will hold 40%, and the KNEX’s former shareholders will hold 60% of all common shares issued by KNEX.