PTT Public Company Limited announced that the Board of Directors of Arun Plus Company Limited at the meeting No. 3/2567 on 21 February 2024 approved Arun Plus to establish Arun Plus Mobility Holding Company Limited with the registered capital not exceeding THB 10 million which Arun Plus holds 100% and approved AMH to enter into a joint venture agreement to establish Neo Mobility Asia Company Limited, a joint venture company with MGC-ASIA Greentech Company Limited, subsidiary of Millennium Group Corporation (Asia) Public Company Limited, with the registered capital not exceeding THB 30 million. AMH and MGC-ASIA Greentech hold 50.001% and 49.999% of Neo Mobility Asia's shares, respectively.

The objective of the establishment is to operate the business of electric vehicle distribution to support the expansion of the electric vehicle market in Thailand, which aligns with PTT Group's investment strategy in Future Energy. Moreover, the joint venture agreement between Arun Plus and MGC-ASIA has been signed and completed on 29 February 2024. In Addition, the establishment of AMH and Neo Mobility Asia is expected to be completed within the second quarter of 2024.