PTT Oil and Retail Business Public Company Limited (OR) to acquire a 25% stake in Dusit Thani Public Company Limited (DUSIT) food business subsidiary, Dusit Food.
DUSIT aims to combine its strengths in upstream, midstream, and downstream food businesses with OR’s expertise in operating leading retail distribution channels – including almost 2,500 PTT Stations and over 4,000 Café Amazon outlets – to reach multiple lifestyle segments, help local food businesses expand domestically and internationally, and deliver sustainable value across the entire supply chain, both inside and outside of Thailand.
The investment agreement was officially signed at Baan Dusit Thani in Bangkok, where Suphajee Suthumpun, Group CEO, DUSIT; La-ead Kovavisaruch, chief investment officer for DUSIT; Jiraphon Kawswat, president and CEO, and Somyot Kongprawet, senior executive vice president, Lifestyle Business, were present. “This alliance will leverage OR’s robust retail platform and retail expertise and our own extensive knowledge in upstream, midstream, and downstream food businesses to meet the needs of multiple lifestyle segments in Thailand and abroad”: says Suthumpun.
Suthumpun explained that, as part of its vision ‘to bring Asia to the world,’ Dusit Foods itself prioritises investing in food businesses that place importance on natural, organic, and good-for-health processes while also supporting local communities. “As part of our company’s three-pronged strategy for balance, expansion, and diversification, we have invested in food businesses that are not only related to our core hotel business, but which also have high growth potential and cover the total supply chain. We expect all these food businesses to flourish under our alliance with OR, plus further opportunities to expand domestically and internationally” : Suthumpun concludes.
“Our alliance with DUSIT through Dusit Foods will enhance the potential of OR’s lifestyle business, especially the food segment, which will benefit the outlets owned by OR and those we have co-invested in”: says Kawswat. “One of OR’s missions is to create an alternative food business model that facilitates convenience and comprehensively meets all the lifestyle preferences of multigenerational consumers. Following our focus on Outside-In growth, which includes seeking investment opportunities with partners in new markets, this new model will also allow us to flourish with other Thai brands, locally and internationally.”
Dusit Foods’ investment portfolio currently includes Epicure Catering Co., Ltd., a leading provider of food and beverage services to the international school industry with a market share of over 70% in Thailand; The Caterers Joint Stock Company Limited, or ‘The Caterers,’ a leader in school catering and off-site receptions in Vietnam; and KAUAI, a popular healthy fast-casual restaurant chain from South Africa, which Dusit Foods brought to the Thai market and plans to expand across Asia.
Most recently, Dusit Foods concluded an agreement to acquire a 55% stake in Bonjour Bakery Asia Co., Ltd., which operates a state-of-the-art baking factory producing French-style pastry products in the Eastern Seaboard Industrial Estate, Rayong Province, and its associated bakery franchise business, comprising more than 50 branches across Thailand and one in China.
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