OR Announces Investment in Startup Freshket to Strengthen Its Retail Capabilities

PTT Oil and Retail Business Public Company Limited (SET: OR) announced on Friday that OR’s Management committee (ORMC) at special meeting on April 28, 2022, resolved to approve Modulus Venture Company Limited (Modulus), a wholly-owned subsidiary of OR, to invest through purchasing newly issued preferred stock of Polar Bear Mission Company Limited (Freshket), with a total investment amount not exceeding USD14.5 million.

Freshket is a food supply chain service provider that procures, imports and distributes quality raw materials for restaurants, hotels and consumers by utilizing technology to effectively and transparently manage the chain.

The investment objective is to strengthen OR’s and OR Group’s capability in the retail business to respond to the changing customer behavior as well as creating opportunities for inclusive growth both domestically and internationally.

In this regard, Modulus has signed a share subscription agreement and a shareholder agreement on May19,2022.