PTT’s retail arm ties up with CP run ‘rest area’ on Chonburi highway
The project, awarded by the Department of Highways, will see PTTRM and CP Engineering developing and managing the Sriracha Service Centre over a 32-year term
PTT Oil and Retail Business (PTTOR) has approved the establishment of a joint venture to develop and manage the Sriracha Service Centre on Intercity Motorway No 7’s Chonburi-Pattaya section.
In a letter to the Stock Exchange of Thailand on Thursday, PTTOR announced that its wholly-owned subsidiary, PTT Retail Management (PTTRM), will partner with Charoen Pokphand Engineering (CPE) to form “The Rest Village Company”.
PTTRM and CPE hold a stake of 55% and 45%, respectively, with an initial registered capital of 150 million baht, a statement from PTTOR said.
The joint venture aims to develop and manage the “Rest Area” on the motorway, with a 32-year operational term. This move supports PTTOR’s strategy to integrate mobility and lifestyle sectors.
The joint venture won the bid for private sector co-investment from the Transport Ministry’s Department of Highways, with the contract signed on September 19.
