Thai Digest: MK Restaurant to buy 65% in seafood chain; PTT partners WM Motors

Prawns in an Asian seafood dish.

MK Restaurant Group (MKRG) will acquire 65 per cent stake in 40-year-old restaurant chain Laem Charoen Seafood while PTT Pcl has partnered Chinese WM Motors for electric vehicle production in Thailand

MK Restaurant Group acquires 65% of Lam Charoen Seafood

Thailand-listed MK Restaurant Group (MKRG) will acquire 65 per cent stake in the 40-year-old restaurant chain Laem Charoen Seafood for 2.06 billion baht ($67.13 million), according to a report by Bangkok Post.

MKRG announced the acquisition plan in the Stock Exchange of Thailand (SET) on Friday. The acquisition will be conducted through the company’s subsidiary, Catapult.

The transaction is targeted to close by December 2019, and MKRG will use its working capital to fund the deal.

MKRG has over 400 eateries with several brands including MK, Yayoi, Miyazaki, Hakata, Bizzy Box, Le Petit and MK Harvest. Meanwhile, Lam Charoen Seafood has 26 branches across Thailand.

PTT partners with Chinese WM Motors to explore electric vehicle production in Thailand

Thailand’s oil and gas conglomerate PTT Pcl is exploring electric vehicle (EV) production in the country, along with the China-based company WM Motors, Bangkok Post reported.

The two parties are still conducting feasibility study and PTT may also be appointed as the authorised EV distributor for WM Motors for domestic and overseas sales.

PTT is planning to invest in a EV manufacturing plant to further develop battery and plastic products. Meanwhile, WM Motors is manufacturing EV under Weltmeister brand with more than 10,000 EVs sale in China.

The partnership is also expected to help PTT to become the EV export hub in Southeast Asia.