PTT Public Company Limited (SET: PTT) announced on Friday that it has acquired a 50% stake in One District Rayong 2 Co., Ltd. for THB46 million as part of a joint venture with One Origin Public Company Limited.
The Board of Directors of Energy Complex Company Limited (EnCo), a subsidiary which PTT holds 50%, at the meeting on 10 April 2023, has approved EnCo to joint venture with One Origin Public Company Limited through the purchase of 50% shares of One District Rayong 2 Co., Ltd., a subsidiary of ONEO which ONEO holds 99.9997% of shares, from ONEO at the amount of THB46 million.
On 11 April 2023, EnCo signed a share purchase and sale agreement of One District Rayong 2 Co., Ltd.’ share with ONEO, and the payment was completed on 21 April 2023. The objective of this joint venture is to jointly develop a hotel business and shops in the Origin Smart City Rayong project, located on Sukhumvit Road, Noen Phra Subdistrict, Mueang District, Rayong, Rayong Province, in order to support the expansion of business sector in the Eastern Economic Corridor (EEC) and the tourism sector after economic recovery from the COVID-19.
