National oil and gas conglomerate PTT Plc is diversifying into yet another non-oil business by setting up a logistics firm to provide goods transport and management services.
The move is in line with the 13th National Economic and Social Development Plan, which promotes modern logistics and infrastructure development, as well as PTT's plan to invest in S-curve businesses, which promise rapid growth, said Auttapol Rerkpiboon, president and chief executive of PTT.
The latest investment, which was approved by the PTT board of directors, was made through PTT's wholly-owned Siam Management Holding to establish a new company, named Global Multimodal Logistics.
