OR Acquires 20% of PTT Digital Solutions from PTTGC to Strengthen Digital Services

PTT Oil and Retail Business Public Company Limited (SET: OR) has announced the acquisition of PTT Digital Solutions Company Limited to strengthen its digital service.

The Board of Directors Meeting No.4/2567, held on April 30, 2024, has resolved to approve Modulus Venture Company Limited (Modulus), a wholly-owned subsidiary of OR, to acquire shares in PTT Digital Solutions Company Limited (PTT Digital), an information and communication technology provider, from PTT Global Chemical Public Company Limited (PTTGC), in the proportion of 20% of PTT Digital’s shares, which equivalent to 3,000,000 shares, with a total value not exceeding THB 1,023 million. This transaction is deemed to be an Acquisition and Disposition of Assets.

The Acquisition of PTT Digital shares from PTTGC is a connected transaction relating to assets or services. The value used for the calculation is the highest transaction value, which is a shares purchasing value at THB 1,023 million. Modulus and PTTGC have agreed on the methods of share valuation by using Discounted Cash Flow (DCF) and Multiple method to reflect the fair value and to reflect the company’s operating within the information and communication technology industry.

Modulus plans to use the source of funds through a capital increase by OR to pay the consideration.

The Board of Directors (excluding directors with interests) agreed that the transaction is an investment in a primary digital service that OR has continuously utilized, and the price and conditions of the investment are appropriate. After the investment, OR should implement measures to enhance operational efficiency and manage various risk issues with close follow-up. Therefore, the Board of Directors Meeting has resolved to approve entering the acquisition transaction and signing the relevant contract.