Royal Group, Cambodia’s leading investment and development conglomerate, has signed a memorandum of understanding (MoU) with international oil and Thai retail subsidiary PTT (Cambodia) Ltd (PTTCL) to strengthen their business operations throughout the Kingdom.
The signing ceremony, which took place yesterday at Hotel Cambodiana, was presided over by Royal Group Chairman and Chief Executive Officer Neak Oknha Kith Meng and PTTCL’s Managing Director Songpon Thepnumsommanus.
As part of the MoU, Royal Group and PTTCL will explore the opportunity to jointly develop payment solutions, financial services, sales and marketing and explore innovations in non-traditional revenue opportunities across all PTTCL’s operations nationwide.
Neak Oknha Kith Meng, chairman and CEO of Royal Group, welcomed the move. He added that signing the MoU was significant for both companies because they are supporters of the ASEAN charter strategy to bring countries together and complement each other as members of ASEAN.
Meng also said that PTT and Royal Group are quite similar in terms of their strategy for Cambodia, especially in digitalisation and digital payment methods for customers.
“I believe that both companies can take advantages of win-win solutions because PTT has aggressively and rapidly expanded in recent years,” Meng added. “The MoU is a strategic milestone for both parties. It marks an important step towards greater business collaboration,” he said.
“I would like Royal Group team to start working with PTT’s to jointly implement this strategy as quickly as possible so we can offer [joint] services to consumers,” he added.
PTTCL’s Thepnumsommanus said PTT Cambodia looks forward to working with Royal Group. “We are delighted and excited to be working with them and their wealth of expertise to help further grow our presence in the country,” he said.
“This also shows PTTCL’s commitment towards helping Cambodia develop and advance into the digital age.”
Royal Group is an investment and development conglomerate with a diverse portfolio including more than 30 companies spanning banking and finance, hospitality, media, telecommunications, power and energy and property development.
PTTCL is a Thailand-based petroleum company that supplies, distributes and markets petroleum and related products. In addition to petroleum, PTTCL’s other businesses include Cafe Amazon, Jiffy Mart, Pearly Tea and Fit Auto.