Oil retailer PTG Energy has acquired a majority stake in GFA Corporation, which runs the Coffee World chain.
PTG president/CEO Pitak Ratchakitprakarn says the acquisition was made through its subsidiary, PunThai Coffee in a bid to strengthen the group’s retail and non-oil interests. It has taken a 99.99 per cent stake in GFA, which also runs Cream & Fudge cafes and the restaurant chain New York 5th Avenue.
“The acquisition is worth THB205 million [US$6 million] for 29,350 shares,” says Pitak, making PTG the owner of 130 restaurants and coffee shops in Thailand and overseas.
He says the move matches the company’s strategy of expanding its business in F&B at home and overseas. The non-oil business has continued to grow substantially over the past few years and has helped offset falls in the oil business when sales have dropped in line with weak global prices.
GFA was founded by Swiss national Fred Mouawad, pictured above, as one of the subsidiaries of Synergia Group of which is chairman and CEO. Synergia currently operates in 12 countries across a diverse range of industries, including foodservice business, food manufacturing, creative media, interior design and construction, private equity advisory, IT development and consulting, publishing and trade shows, franchising, and jewelry e-tailing.
