Thailand’s national oil and gas company PTT Plc has sold its 50% stake in Neo Mobility Asia Company (NMA) to its joint venture partner, Stock Exchange of Thailand-listed (SET) dealer group Millennium Group Corporation (MGC).
MGC is a local dealer group selling vehicles for BMW, Mini, Honda, and Rolls-Royce, as well as BMW and Harley Davidson motorcycles and luxury products such as yachts.
NMA was established in 2021 as a 50:50 joint venture between PTT’s wholly-owned subsidiary, Arun Plus Holdings Company, and MGC. The aim of the new company was to help drive the establishment of Thailand’s electric vehicle (EV) market, by becoming the local dealer/distribution partner for Chinese brands such as Xpeng and Zeekr, and establishing an EV recharging network in the country.
PTT confirmed in a filing to the Stock Exchange of Thailand that it has sold its entire stake in NMA to MGC-ASIA Greentech Company, a subsidiary of MGC, for THB 83 million (US$2.6m).
PTT’s chief finance officer, Pattaralada Sangasang, confirmed in a statement in early August that PTT had completed the sale of NMA, as the company focuses more on improving its competitiveness in its core oil refining and petrochemical operations.
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By GlobalDataEarlier this year, PTT announced it planned to reduce its stake from 60% to 40% in Horizon Plus, a local battery electric vehicle (BEV) joint venture established in 2022 with Lin Yin International Investment Company, a subsidiary of Taiwan’s Hon Hai Precision Industry Company – also known as Foxconn.
